Russian oilfield services market: Current state and problems assessment

The oilfield services industry remains crucial for the oil and gas sector as it is an integral part of the industry and includes such important segments as refining, recovery and operation. Given the difficult geopolitical situation and harsh sanctions policy, the primary emphasis is on the development of Russian oilfield services. However, despite the upward trend in oilfield services companies’ performance, the sector still contends with issues demanding prompt resolution. The paper is focused on the assessment of the oilfield services market current state in Russia and identification of key functioning problems, associated with high dependence of oilfield service companies on imported technologies, lack of financial resources and highly qualified personnel, search for optimal options for the oilfield services organization. Our practice review of these problem solutions allowed us to establish the state’s role and vertically integrated structures, specifying work directions for further solutions. Solving these problems with the assistance of the state, large companies, collaborations between public and private sectors, and financial institutions will help oil service companies work better and also achieve the goals set for the oil and gas industry.

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