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Russian oil service outlays to double, analyst says
03/26/2007
Expenditures for drilling, seismic surveying, and workover programs in Russia amounted to $11.4 billion in 2006 and is forecast to rise to $22.5 billion by 2011, according to a recent study from energy analyst Douglas-Westwood Ltd.Just in Eastern Siberia, the growth in expenditures is set to soar at a 43% compound annual growth rate over the next 5 years, according to the study, entitled “Russian Oil Field Services Market Report 2007-11.” The report is based on data collated from interviews with key industry entities, including Russian oil companies and indigenous and foreign oil field service contractors.The report further suggests, however, that the main volume of activity w...
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