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Does Russian unconventional oil have a future?

Author

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  • Kryukov, Valeriy
  • Moe, Arild
Abstract
Russia is estimated to hold the world's largest technically recoverable shale-oil resources. The conventional oil resource base is still very large, but there are doubts about how much is economically recoverable. Increasing attention is given to unconventional oil. The purpose of the article is to assess whether fundamental conditions for sustainable, profitable production of unconventional oil are in place. Compared to the successful development of unconventional oil in the USA, Russia has several disadvantages. The Russian oil sector is dominated by big companies without the flexibility in methods and decision-making required in very heterogeneous unconventional projects. Infrastructure is less accessible in Russia than in most American projects. On a more fundamental level the relatively poor condition of geological data collections is a serious cost increasing factor, and the system for development and dispersion of new technologies has critical shortcomings. Russia lacks appreciation of risk taking and a corresponding regulatory framework, as well as relevant financial mechanisms. Nevertheless, government documents almost exclusively focus on technology as such as well as on taxation and tax benefits as preconditions for successful development. Without addressing the fundamental institutional problems, the potential for exploiting the resources base will be limited.

Suggested Citation

  • Kryukov, Valeriy & Moe, Arild, 2018. "Does Russian unconventional oil have a future?," Energy Policy, Elsevier, vol. 119(C), pages 41-50.
    • Handle: RePEc:eee:enepol:v:119:y:2018:i:c:p:41-50
    DOI: 10.1016/j.enpol.2018.04.021
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    Citations

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    Cited by:

    1. Aleksei Valentinovich Bogoviz & Svetlana Vladislavlevna Lobova & Yulia Vyacheslavovna Ragulina & Alexander Nikolaevich Alekseev, 2018. "Russia s Energy Efficiency Policies in the Industry Sector: Critical Perspectives," International Journal of Energy Economics and Policy, Econjournals, vol. 8(6), pages 48-58.
    2. V. A. Kryukov & A. A. Gorlov, 2019. "Forecasting the Development Process of Wind Energy in the North Sea Basin Based on Learning Curves," Studies on Russian Economic Development, Springer, vol. 30(2), pages 177-184, March.
    3. Valeriy Kryukov & Anatoliy Tokarev, 2018. "Relationship between Assets and Organizational Structure in the Oil Industry: Regional Aspects," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(4), pages 1076-1087.
    4. Shapovalova, Daria & Galimullin, Eduard & Grushevenko, Ekaterina, 2020. "Russian Arctic offshore petroleum governance: The effects of western sanctions and outlook for northern development," Energy Policy, Elsevier, vol. 146(C).
    5. Huang, Wanling & Mollick, Andre Varella, 2020. "Tight oil, real WTI prices and U.S. stock returns," Energy Economics, Elsevier, vol. 85(C).
    6. Alexander N. Alekseev & Aleksei V. Bogoviz & Ludmila P. Goncharenko & Sergey A. Sybachin, 2019. "A Critical Review of Russia s Energy Strategy in the Period until 2035," International Journal of Energy Economics and Policy, Econjournals, vol. 9(6), pages 95-102.
    7. Teti, Emanuele & Dallocchio, Maurizio & De Sanctis, Daniele, 2020. "Effects of oil price fall on the betas in the Unconventional Oil & Gas Industry," Energy Policy, Elsevier, vol. 144(C).
    8. Valeriy Anatolievich Kryukov & Vladimir Vitalievich Shmat, 2022. "Asian Russia – Conditions for and Obstacles to Progressive Diversification of Macroregional Economy," Spatial Economics=Prostranstvennaya Ekonomika, Economic Research Institute, Far Eastern Branch, Russian Academy of Sciences (Khabarovsk, Russia), issue 1, pages 34-72.
    9. Aleksei V. Bogoviz & Svetlana V. Lobova & Alexander N. Alekseev, 2020. "Current State and Future Prospects of Hydro Energy in Russia," International Journal of Energy Economics and Policy, Econjournals, vol. 10(3), pages 482-488.
    10. Valeriy Kryukov & Anatoliy Tokarev, 2022. "Spatial trends of innovation in the Russian oil and gas sector: What does patent activity in Siberia and the Arctic reflect?," Regional Science Policy & Practice, Wiley Blackwell, vol. 14(1), pages 127-146, February.

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