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Russian Firms May Struggle to Hold Rankings

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Russia's oil and gas companies have been fixtures in Energy Intelligence's Top 50 rankings as the country has grown its oil and gas production and diversified its export routes over the years. But Western sanctions linked to Russia’s 2014 annexation of Crimea and this year's invasion of Ukraine make Russia’s future output — and therefore its companies' place in the rankings — much more uncertain. Efforts by the West to limit Russia’s power by constraining its energy industry are projected to push Russian oil production down by as much as 1 million barrels per day. Europe’s plan to cut annual Russian gas imports by some 100 billion cubic meters and restrictions on the use of Western LNG technology will also likely drive down gas production. Some of these output cuts will be offset by Russia’s plans to encourage domestic consumption and reroute supplies to friendly buyers abroad, particularly in Asia. The refining arms of companies like Rosneft, Gazprom Neft and Lukoil face similar challenges as they are pushed out of ventures in Europe and face the impact of the Feb. 5 embargo of Russian oil products by the EU.

Topics:
Corporate Strategy , Sanctions, Capital Spending
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