«Problems of economics and management of oil and gas complex»

Domestic energy market of Russia and its positions in foreign markets: new opportunities, new models

UDC: 620.9
DOI: -

Authors:

¹ National University of Oil and Gas "Gubkin University", Moscow, Russia

Keywords: Russian Arctic zone, Northern Sea Route, small-tonnage LNG, low-power nuclear reactors, lithium production, OPEC+ deal, BRICS energy, global innovation index, localization of fuel and energy chains, technological sovereignty, diversification of energy companies' businesses

Annotation:

The new geopolitical situation not only creates significant difficulties and challenges for the development of the Russian oil and gas sector and the economy as a whole, but, at the same time, also certain opportunities that form the basis for the formation of new market models. These new opportunities include, in particular, the large-scale development of the Arctic zone of the Russian Federation, including the expansion of liquefied natural gas (LNG) production and, as a strictly related direction, the development of the Northern Sea Route as a domestic and international year-round transport route with full provision of the appropriate tanker fleet. Another opportunity of the Arctic development is the flagship Vostok Oil project implementation. One more important direction of the Russian oil and gas sector development is the growth of production against the background of domestic consumption increase due to the active development of oil and gas chemistry. Strengthening positions in foreign markets, in particular, LNG markets, can be achieved both by finding new export niches, primarily in the countries of Asia-Pacific region, and by forming new markets for which the country has all the necessary competencies, for example, the small-tonnage LNG market, which may be of particular interest to landlocked Eurasian countries. Russia's participation in international alliances, primarily in the BRICS alliance, as well as in deals that are beneficial to the country (for example, OPEC+) will also contribute to strengthening the country's positions in the oil and gas markets and more efficient technological development.

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