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Indra Overland and Nina Poussenkova

Open access

Indra Overland and Nina Poussenkova

The main events in the history of each of the five oil companies are presented in tabular form to give readers an overview of each company’s entire development trajectory and to facilitate searches for specific events and/or periods.

Open access

Indra Overland and Nina Poussenkova

The main events in the history of each of the five oil companies are presented in tabular form to give readers an overview of each company’s entire development trajectory and to facilitate searches for specific events and/or periods.

Open access

Indra Overland and Nina Poussenkova

The main events in the history of each of the five oil companies are presented in tabular form to give readers an overview of each company’s entire development trajectory and to facilitate searches for specific events and/or periods.

Open access

Indra Overland and Nina Poussenkova

The main events in the history of each of the five oil companies are presented in tabular form to give readers an overview of each company’s entire development trajectory and to facilitate searches for specific events and/or periods.

Open access

Indra Overland and Nina Poussenkova

The main events in the history of each of the five oil companies are presented in tabular form to give readers an overview of each company’s entire development trajectory and to facilitate searches for specific events and/or periods.

Open access

Indra Overland and Nina Poussenkova

This chapter summarizes the cross-cutting themes we have covered in the company chapters. We end up rejecting the hypothesis we proposed in the introduction: that Russian oil companies may not be adept at foreseeing and managing change. In fact, they have dealt with more of it – and done so no less successfully – than their Western counterparts. However, for Russia as a country, there is still a risk that the absence of companies more relevant for decarbonization leaves it ill-prepared for changes in the global energy system. Perhaps surprisingly, we find that Rosneft is the most internationalized of the five companies. We also find that most of the companies are reasonably transparent and pay attention to corporate social responsibility. None of the companies was found to be particularly active about climate change mitigation, although they increasingly incorporate relevant information into their periodic reports.

Open access

Indra Overland and Nina Poussenkova

Gazprom Neft is the oil arm of Gazprom, which is the world’s largest gas company. Gazprom Neft was created on the basis of Sibneft, for which Gazprom paid the Russian oligarch Roman Abramovich handsomely. The acquisition of Sibneft was a way for Gazprom to extend its operations into the oil industry. Although Sibneft is now a Gazprom subsidiary, it is also the country’s third-largest oil company, third-largest oil refiner and a major corporation in its own right. It is also the only company that produces significant amounts of oil on Russia’s Arctic continental shelf – from the Prirazlomnoye field in the Pechora Sea. A key question in this chapter is whether the company has managed to retain its distinct identity, culture and strategy or has become more like a department of Gazprom.

Open access

Indra Overland and Nina Poussenkova

The introductory chapter presents the two main questions that the book seeks to answer. First: How are Russian oil companies tackling the changing global context? This question concerns both how Russian actors think about and plan for the future, and how they handle change once it happens. In other words, this question is about the adaptability of Russian actors. Second: How are the companies themselves changing? This concerns the people in charge, their corporate culture and political connections and the companies’ oil reserves. We hypothesize that Russia and its oil companies are struggling to manage change, a question we return to in the book’s concluding chapter. The introductory chapter also presents the various types of change that oil companies have to deal with and details the structure of the five companies that make up the bulk of the volume.

Open access

Indra Overland and Nina Poussenkova

LUKOIL is Russia’s largest private oil company; however, it has always remained attentive to the interests of the Russian state. During the 1990s, LUKOIL was the flagship of the Russian oil industry, leading the way on many developments in the sector. Over the following two decades, it would nimbly adapt to the new political and economic realities. Although LUKOIL is no longer a trailblazer and has not handled community relations well, it continues to be considered a leader in terms of internationalization, the development of the Caspian shelf, involvement in renewables and focus on climate change. Moreover, it is the only Russian oil company that regularly produces long-term forecasts of the global energy sector.