Ministry of Energy does not expect oilfield services market to fall in 2023
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In Russia, the oilfield services market is not expected to fall in 2023. Vedomosti was told about this in the Ministry of Energy of the Russian Federation.
Russian oilfield service companies provide an extensive list of services, the ministry said. “The volume of orders for such services primarily depends on the fulfillment by oil and gas companies (customers) of their production and investment programs. At the moment, we do not record and do not predict a sharp and significant decrease in the volume of such orders,” the Ministry of Energy stated.
The ministry added that large oilfield service companies were added to the list of backbone organizations of the Russian economy in terms of the fuel and energy complex.
In 2022, the revenue of oilfield services companies in Russia in 2022 reached a record level since at least 2018 and amounted to 1.79 trillion rubles. According to Kasatkin Consulting analysts, last year companies in all segments of the oilfield services market were able to get the maximum earnings. The segment of well maintenance and workover showed the greatest growth: the revenue of companies here increased by 24% to 293 billion rubles.
However, analysts expect that the market will contract in 2023, only the well workover segment can show a slight increase. According to one of the experts, a decrease in market volumes may occur in the short term, but in the medium term, it is necessary to maximize competencies in the field of high-tech oilfield services. Among the risks of the industry are taxation, a shortage of specialists, an outflow of international investment, as well as the cost of Russian oil.
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