{"id":50542,"date":"2020-01-14T08:14:12","date_gmt":"2020-01-14T13:14:12","guid":{"rendered":"https:\/\/olduvai.ca\/?p=50542"},"modified":"2020-01-14T08:14:18","modified_gmt":"2020-01-14T13:14:18","slug":"russia-bets-big-on-the-worlds-least-explored-oil-frontier","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=50542","title":{"rendered":"Russia Bets Big On The World&#8217;s Least Explored Oil Frontier"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Russia-Bets-Big-On-The-Worlds-Least-Explored-Oil-Frontier.html\">Russia Bets Big On The World&#8217;s Least Explored Oil Frontier<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/0a9270fac1b96c734d4fb1c449c0f6f8.jpg\" alt=\"offshore africa\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">When the inaugural Russia-Africa summit was held in October 2019, most industry observers believed that the majority of projects under discussion would not get past the FID stage \u2013 in no small part because of their varied economic prospects. As well as&nbsp;<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Oil-Military-And-Nuclear-Tech-Russias-Influence-In-Africa.html\">wheat exports, nuclear technologies, conventional weaponry and ore mining<\/a>, oil loomed large on the agenda. With the OPEC+ agreement entering its third consecutive year and oil prices stabilizing around $60 per barrel, Russian oil firms have enough cash to invest but face an uncertain future with domestic projects as no one really wants to see their own project ending up in the category of \u201cspare production capacity\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">International sanctions and the ramifications they entail have compelled Russia to look beyond their usual investment regions \u2013 with little to no investments in Europe since 2014. Gazprom is now an unwelcome investor in Europe and even the privately-owned LUKOIL has mulled divesting its downstream assets and has reduced its retail presence in Europe. Investing in the United States or Canada is completely out of question for reasons predominantly political, whilst Middle Eastern NOCs have grown to become competitors, themselves looking for opportunities to diversify their portfolio. Due to all of the above factors, Africa has emerged somewhat naturally as a suitable region for Russian investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Russian Energy Ministry has repeatedly declined to link Russia\u2019s newly-found interest in Africa and the OPEC+ curtailments, saying that greenfield projects usually require 5-7 years before commissioning and thus the time gap between today\u2019s issues and future production is too wide to impact any forecasts. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia Bets Big On The World&#8217;s Least Explored Oil Frontier When the inaugural Russia-Africa summit was held in October 2019, most industry observers believed that the majority of projects under discussion would not get past the FID stage \u2013 in no small part because of their varied economic prospects. As well as&nbsp;wheat exports, nuclear technologies, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[23083,600,694,17584],"class_list":["post-50542","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-price-com","tag-opec","tag-russia","tag-viktor-katona"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50542"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50542\/revisions"}],"predecessor-version":[{"id":50544,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50542\/revisions\/50544"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}