US blocks Russian oil
In terms of natural resources, Russia is the richest country in the world. Particularly important for our country are hydrocarbon deposits. Mining industry since the Soviet era is the basis of our economicsbringing the lion's share of profits to the country's budget.
At the moment, there are dangerous trends that can lead to a crisis in the oil and gas industry in the future.
How long will oil and gas reserves last?
For many years now, experts have been arguing about how many years in Russia oil and gas deposits will run out. A year ago, Energy Minister Alexander Novak said that the country had enough proven hydrocarbon reserves for more than 50 years. This is not so much. Therefore, closer attention should be paid to the development of hard-to-recover reserves and exploration of new deposits. Promising in these conditions is the development of the Arctic shelf.
Depletion of reserves threatens us only tomorrow, and the problems began today. Neither the increase in the share of alternative energy sources, nor the imperfection of the Russian tax legislation are the main problems hindering the development of the oil and gas industry.
Are sanctions bothering us?
Oddly enough, the international sanctions initiated by the United States impede our mining industry. Despite the fact that hydrocarbon production in Russia has not continued for the first decade, the share of foreign of technologies and equipment, access to which is now significantly limited due to sanctions.
Today, Russia does not have its own technologies for the extraction of hydrocarbons on the Arctic shelf, or for working with hard-to-recover reserves. But now the industry is urgently faced with the need to develop precisely in these areas.
It is known that in the USA and Western Europe, interest rates on loans are low. This was actively used by our oil producing companies, receiving significant amounts of loans at a low percentage from Western financial institutions. Now this source is blocked. Taking loans in China is not so profitable, because there the interest is higher, and often the condition for granting a loan is the purchase of Chinese equipment. But what remains to be done? I have to turn to the Chinese. As a result, production costs are increasing.
Perhaps the reason for our troubles is the entry into the international market of a new major player - the United States. Despite the fact that the Americans are quite capable of competing with hydrocarbon reserves in Russia and the countries of the Middle East, oil and gas exports have been banned there for about 40 years. This ban was lifted only in 2016, after which the United States began a struggle for markets. American liquefied gas began to conquer Europe. No wonder the United States is actively hampering the construction of Nord Stream-2. There is nothing personal in these actions, only business.
Direct gas supplies from Russia to Germany via the Baltic Sea are also disadvantageous for Poland, which is losing profit from transit. Therefore, the economic interests of Poland and the United States coincide and are directed against the Nord Stream and Russia.
How to overcome the threat of a crisis in the oil and gas industry
As often happens, half the solution to a problem is to realize that it exists.
If we cannot buy technology, we must develop it ourselves. To do this, we need to direct efforts and funds into development. It is necessary to establish in Russia the production of everything necessary for the needs of the mining industry.
This is important not only for the oil and gas industry, but also for any other industry. There is an urgent need for diversification of production, the development of high technology. Indeed, import substitution is not a goal, but only the first step on the path to international markets not only for raw materials, but also for industrial goods and equipment.
Another step should be to reduce interest rates for manufacturers. It is necessary that financial resources do not go abroad, but are invested in domestic production. And manufacturers will be credited domestically, and not in Western financial institutions.
The third step is a more flexible tax policy for oil and gas workers. It is necessary that the tax burden be relaxed at the stage of developing new deposits and mastering technology. This will give them the opportunity to develop.
Russia is a great power that has all the necessary resources for growth. And if you properly dispose of them, you can achieve power and prosperity.
At the moment, there are dangerous trends that can lead to a crisis in the oil and gas industry in the future.
How long will oil and gas reserves last?
For many years now, experts have been arguing about how many years in Russia oil and gas deposits will run out. A year ago, Energy Minister Alexander Novak said that the country had enough proven hydrocarbon reserves for more than 50 years. This is not so much. Therefore, closer attention should be paid to the development of hard-to-recover reserves and exploration of new deposits. Promising in these conditions is the development of the Arctic shelf.
Depletion of reserves threatens us only tomorrow, and the problems began today. Neither the increase in the share of alternative energy sources, nor the imperfection of the Russian tax legislation are the main problems hindering the development of the oil and gas industry.
Are sanctions bothering us?
Oddly enough, the international sanctions initiated by the United States impede our mining industry. Despite the fact that hydrocarbon production in Russia has not continued for the first decade, the share of foreign of technologies and equipment, access to which is now significantly limited due to sanctions.
Today, Russia does not have its own technologies for the extraction of hydrocarbons on the Arctic shelf, or for working with hard-to-recover reserves. But now the industry is urgently faced with the need to develop precisely in these areas.
It is known that in the USA and Western Europe, interest rates on loans are low. This was actively used by our oil producing companies, receiving significant amounts of loans at a low percentage from Western financial institutions. Now this source is blocked. Taking loans in China is not so profitable, because there the interest is higher, and often the condition for granting a loan is the purchase of Chinese equipment. But what remains to be done? I have to turn to the Chinese. As a result, production costs are increasing.
Perhaps the reason for our troubles is the entry into the international market of a new major player - the United States. Despite the fact that the Americans are quite capable of competing with hydrocarbon reserves in Russia and the countries of the Middle East, oil and gas exports have been banned there for about 40 years. This ban was lifted only in 2016, after which the United States began a struggle for markets. American liquefied gas began to conquer Europe. No wonder the United States is actively hampering the construction of Nord Stream-2. There is nothing personal in these actions, only business.
Direct gas supplies from Russia to Germany via the Baltic Sea are also disadvantageous for Poland, which is losing profit from transit. Therefore, the economic interests of Poland and the United States coincide and are directed against the Nord Stream and Russia.
How to overcome the threat of a crisis in the oil and gas industry
As often happens, half the solution to a problem is to realize that it exists.
If we cannot buy technology, we must develop it ourselves. To do this, we need to direct efforts and funds into development. It is necessary to establish in Russia the production of everything necessary for the needs of the mining industry.
This is important not only for the oil and gas industry, but also for any other industry. There is an urgent need for diversification of production, the development of high technology. Indeed, import substitution is not a goal, but only the first step on the path to international markets not only for raw materials, but also for industrial goods and equipment.
Another step should be to reduce interest rates for manufacturers. It is necessary that financial resources do not go abroad, but are invested in domestic production. And manufacturers will be credited domestically, and not in Western financial institutions.
The third step is a more flexible tax policy for oil and gas workers. It is necessary that the tax burden be relaxed at the stage of developing new deposits and mastering technology. This will give them the opportunity to develop.
Russia is a great power that has all the necessary resources for growth. And if you properly dispose of them, you can achieve power and prosperity.
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