Russia’s Novak: Important to regain global oil market share once demand recovers

Key quotes

“Domestic oil services market could halve in 2020-2021 from 2019.”

“Foreign oil servicing companies may take up more than 50% of the domestic market by 2022 without measures to help the industry.”

“It is extremely important for Russia and other oil producers to return quickly or even raise their market share once oil demand recovers.”

“Russia to offer 3-year tax breaks from Jan. 1, 2022 for oil companies taking part in the "unfinished wells" programme.”

“Russia plans to drill around 2,700 unfinished wells in 2020-2022, launch them once opec+ output cuts deal ends.”

“Expects additional budget revenues of 1.15 trln rbls from unfinished wells programme.”

“Sees investments of 300-400 bln rbls by oil producers as part of unfinished wells programme.”

“Drilling of unfinished wells for natural gas production is under discussion.”

“There are proposals to engage some oil servicing companies in "green" energy projects.”

“Oil servicing sector's recovery may take around 2 to 5 years, based on expert estimates.”