Published 01/10/2024 5:43:36 a.m.

Russia’s oil drilling boom proves Moscow’s resilience to Western sanctions

Russia's oil drilling industry is set to reach record levels for the second consecutive year, defying Western sanctions aimed at curbing production.
The resilience of Russia's oil industry can be attributed to the presence of local subsidiaries and skilled workers who continue to operate despite international companies leaving. Only 15% of the industry relies on technology from "unfriendly" countries.
While sanctions have not hindered drilling, future sanctions preventing the import of certain components may increase production costs and render some oil output unprofitable to extract.

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Financial Post

Russia's Oil Drilling Boom Proves Moscow's Resilience to Western Sanctions

(Bloomberg) — Russia was on pace for a second year of record oil drilling in 2023, further evidence of the nation’s resilience to Western sanctions.

01/10/2024 5:43:36 a.m.·Canada

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Bloomberg

Russia’s Oil Drilling Boom Proves Moscow’s Resilience to Western Sanctions

Russia was on pace for a second year of record oil drilling in 2023, further evidence of the nation’s resilience to Western sanctions.

01/10/2024 5:00:00 a.m.·United States

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Business Insider

Russia is on pace for record oil drilling for the 2nd year in a row despite the West's sanctions

Russia is on pace for its second year in a row of record oil drilling.AP Russia is on pace for its second-consecutive year of record oil drilling in 2023. For the first 11 months of last year, Russia drilled 28,100 kilometers and should surpass 30,000 kilometers for the full year. That should top 2022's post-Soviet record for total drilling depth, according to Bloomberg. Russia is on pace to notch its second consecutive year of record oil drilli…

01/10/2024 5:48:36 p.m.·United States

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Energy Voice

Russia’s oil drilling boom proves Moscow’s resilience to Western sanctions

Russia was on pace for a second year of record oil drilling in 2023, further evidence of the nation’s resilience to Western sanctions. The post Russia’s oil drilling boom proves Moscow’s resilience to Western sanctions appeared first on Energy Voice.

01/10/2024 11:10:20 a.m.·United Kingdom

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The Kyiv Independent

Bloomberg: Russia's oil drilling continues to break records despite Western sanctions

Russia's oil drilling industry is on track to set record highs for the second year in a row, raising doubts on the ability of Western sanctions to curtail profits from the lucrative sector, Bloomberg reported on Jan. 10.Russian oil drilling was likely to surpass 30,000 kilometers by the end of 2023, reaching a total not seen since the Soviet Union. Domestic oil production is one of the key pillars of Russia's economy, helping funnel money into t…

01/10/2024 1:48:57 p.m.·Kyiv, Ukraine

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Oil Price

Oil Drilling Is Booming in Russia Despite Western Sanctions

Drilling at Russia’s oil production wells likely beat a post-Soviet record in 2023, according to industry data Bloomberg has seen—evidence that the Western sanctions haven’t affected drilling rates much, especially at brownfields. Russia is estimated to have drilled oil production wells with a total depth of 28,100 kilometers (17,460 miles) between January and November 2023—on course for a second consecutive year that would beat the post-Sovie…

01/10/2024 7:30:00 p.m.·London, United Kingdom

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