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SPIEF 2022 Energy panel session: New global energy order
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IANS | 23 Jun, 2022
The severe sanctions against Russia for the operation in Ukraine are
causing dramatic changes in the global economy and the oil market.
Against all odds, Russia, one of the major energy-producing
countries, continues to play a crucial role in the global energy market,
while such unprecedented turbulence and disruption in the global
economy can lead, among other things, to a shortage of energy.
The
tectonic shifts in the hydrocarbon markets were addressed at the Energy
panel session as part of the XXV St Petersburg International Economic
Forum. This year's anniversary edition of the Forum was titled "New
World - New Opportunities" and traditionally addressed economic, social
and technological issues. The Energy panel session was attended by the
CEO of Rosneft Oil Company, Igor Sechin,
Managing Director and
CEO of ONGC Videsh Alok Kumar Gupta, Chairman of CNPC Dai Houliang, CEO
of OPHIR Pedro Aquino Jr. and former Executive Director of IEA Nobuo
Tanaka.
The constant change of priorities of the US energy
companies, national regulations and political targeting, with the
advancement of the green agenda, the pandemic and energy shortages make
shareholders distrustful of the changing agenda and reluctant to invest
long term. As a result, short-term investments gain priority, and
companies focus on increasing dividends while minimizing investments in
development.
To address the oil shortage alone, by 2030, the
world will need additional investments of $400 billion. This is both
politically and financially impossible, noted Igor Sechin, head of
Russian oil major Rosneft, while delivering his keynote speech at the
SPIEF Energy panel session.
The anti-Russian sanctions have
effectively ended the so-called 'green transition' which was seen as a
way to manipulate the market. Western countries argue for accelerating
the green transition and reducing carbon footprints but do the opposite
in practice, increasing carbon footprints and eroding other countries'
economies.
But economic policy goals cannot be confined to the
economy alone. The restoration of essential production chains disrupted
by sanctions sparked a move toward technological sovereignty. A revised
configuration of the oil market is already taking shape in Russia, where
two price contours have been formed: a fair market price for 'friendly
countries' and an added premium, which will be added to the price for
'unfriendly countries' to compensate for the violation of rules and
obligations by the former partners.
With its energy potential and
portfolio of top-flight projects, Russia is well-positioned to meet
long-term global energy needs with affordable energy resources.
Take Russia's Vostok Oil - the world's largest oil project and the only ongoing project of such a scale.
Vostok
Oil's confirmed resource base amounts to 6.2 billion tons, and the oil
from its fields has a sulphur content of 0.01 per cent to 0.1 per cent
and a low density of approximately 40 API.
Clearly, Vostok Oil
has one of the highest efficiency and stability levels in the industry,
which will be highly beneficial to its shareholders. Now, the most
important aspect of this project is that it can stabilize hydrocarbon
markets during a hurricane.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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