MOSCOW (Pakistan Point News / Sputnik - 08th September, 2020) Russian oilfield service market could halve in 2020 and 2021, compared to 2019, unless it is supported, Energy Minister Alexander Novak said Tuesday.
"As for the situation in the Russian companies, the oilfield services market could decline by almost half in 2020 and 2021, compared to 2019," Novak said in an article for "Energeticheskaya Politika" (Energy policy) magazine.
Smaller market would lead to tougher competition, which could create problems for some of the companies, the minister wrote.
The Energy Ministry estimates that foreign oilfield services companies could increase their share of the market to more than 50 percent by 2022, unless Russian companies receive consistent support. As a result, the Russian companies could lose the tools and abilities to handle complex technological challenges, such geophysical and seismological exploration as well as dedicated software development.
