You are looking at 1 - 10 of 18 items

  • Author or Editor: Indra Overland x
Clear All Modify Search
Open access

Indra Overland and Nina Poussenkova

Open access

Indra Overland and Nina Poussenkova

Open access

Indra Overland and Nina Poussenkova

Open access

Indra Overland and Nina Poussenkova

Open access

Indra Overland and Nina Poussenkova

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

Rosneft is Russia’s national oil company that nearly went out of business in the 1990s but managed to bounce back after the turn of the millennium. With Igor Sechin at the helm, the company grew rapidly, swallowing four other major Russian oil and gas companies (Bashneft, Itera, TNK-BP and YUKOS). Rosneft promoted change in Russian energy policy by turning to China and India; it also pursued commercial and political goals by seeking cooperation with international oil companies in both Russia and abroad. Before the Western sanctions were imposed, Rosneft was involved in the development of the Arctic fields, shale oil and the continental shelf. Rosneft has always emphasized monitoring and forecasting oil prices and appreciated the importance of macroeconomic developments. However, given its strong political ties, it is also well aware that the state will not hesitate to pitch in to help it cope with any major challenges arising from changes in its operating conditions.

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.

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

Surgutneftegas has uniquely preserved its Soviet heritage compared to the other Russian oil companies. Its consistent strategy has helped it remain an island of stability in the Russian petroleum sector. Unlike Rosneft, Surgutneftegas has grown organically, making the most of its existing reserves. Moreover, despite being one of Russia’s major oil companies, it has never acquired assets for the sake of expansion nor has it internationalized for the sake of internationalization. Surgutneftegas also remains the least transparent and responsive of Russian oil companies by a wide margin.