Rosgeologiya: sanctions influence on separate oil and gas projects only

​The sanctions of the West will not have a serious impact on the oil and gas sector of Russia, only certain projects may suffer, in general the sector is able to survive on its own, the head of Rosgeologiya, R. Panov, said.

“Historically the oil and gas sector is self-sufficient and high-tech, so there are grounds for the growth of the number of domestic players and search of alternative to the western technologies decision”, he said.

“I don’t think that such restrictions may significantly influence on the service market. In the short-term perspective it might influence on certain projects but if we take the traditional methods of extraction, geological exploration, treatment and analysis of data, from this point of view Russia has accumulated experience and a good scientific potential”, Panov said.