Oil & gas sector in Russia

Oil & gas sector in Russia

The Russian oil and gas service and equipment market is the second largest market in the world; its value reached 23-25 billion U.S. dollars in 2012. Experts predict its further growth in the next 10-15 years.

Market overview

Russia’s recent accession to the world Trade organization (WTO) eased barriers for foreign companies for entering the Russian market.

Continuing consolidation of oil & gas operating companies leads to gradual reduction in the number of customers in the market and to conclusion of higher value long-term contracts.

Gradual transition from production of hydrocarbons in the traditional fields to development of hard-to-recover and offshore reserves requires the use of increasingly complex and science-intensive technologies, which UK suppliers can offer.

Main downside of this market is lack of transparency of the system of contracting used by major operators. Until recently, Russia had no EPC-services market, and it is still at a very early stage of development today.

Key opportunities

Currently Russia is importing more than a third of its oil and gas equipment. There is a growing demand for expertise and technologies for extraction of hard to recover and offshore reserves.

For example, ROSNEFT’s purchasing profile for offshore projects can be downloaded from their company website.

Please refer to EIC’s online projects tracking database for updated list of projects in Russia.

Latest export opportunities – Oil & Gas

Latest export opportunities – Russia

Getting into the market

In order to enter the Russian market the following points are crucial:

  • Presence in Russia via a subsidiary, a representative office or a reliable distributor

  • Well developed logistics

  • Customer training

  • Post sales service and support

  • Detailed marketing materials or a website in Russian

More about doing business in Russia

Contacts

Market intelligence is critical when doing business overseas, and UKTI can provide bespoke market research and support during overseas visits though our chargeable Overseas Market Introduction Service (OMIS).

To commission research or for general advice about the market, get in touch with our specialists in country – or contact your local international trade team.

Contact your local international trade team

UKTI Events

UKTI runs a range of events for exporters, including seminars in the UK, trade missions to overseas markets and support for attendance at overseas trade shows.

Latest events – Oil & Gas

Major Events

21st World Petroleum Congress

15-19 June 2014

http://www.21wpc.com/

Sector events calendar http://www.rogtecmagazine.com/events-calendar.php

Useful links

More about OMIS and other UKTI services for exporters

Sectors: Oil & Gas
Countries: Russia
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