Market Size of Russian Federation Oil and Gas Upstream Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Russian Federation Oil and Gas Upstream Market Analysis
The Russian Federation Oil and Gas Upstream Market is expected to grow at a CAGR of more than 2.5% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- Factors such as the reduction in the offshore drilling cost by 40% and the increasing exploration and production activities in the offshore region are expected to drive the Russian Federation oil and gas upstream market during the forecast period.
- However, the sanctions from the United States and Europe against Russia's energy sector are likely to restrain the Russia Federation Oil and Gas Upstream Market.
- The Russian government offers a trillion-ruble tax cut and various incentives for operators in the Arctic offshore, which is likely to create several opportunities for the Russian Federation oil and gas upstream market in the future.
