Russia Bets Big On The World's Least Explored Oil Frontier [zero hedge]
PJSC LUKOIL S/ADR (LUKOY)
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Source: zero hedge
Russia Bets Big On The World's Least Explored Oil Frontier Authored by Viktor Katuna via OilPrice.com,When the inaugural Russia-Africa summit was held in October 2019, most industry observers believed that the majority of projects under discussion would not get past the FID stage – in no small part because of their varied economic prospects. As well as wheat exports, nuclear technologies, conventional weaponry and ore mining, oil loomed large on the agenda. With the OPEC+ agreement entering its third consecutive year and oil prices stabilizing around $60 per barrel, Russian oil firms have enough cash to invest but face an uncertain future with domestic projects as no one really wants to see their own project ending up in the category of “spare production capacity”.International sanctions and the ramifications they entail have compelled Russia to look beyond their usual investment regions – with little to no investments in Europe since 2014. Gazprom is now an unwelcome inves
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