The Russian Oil & Gas Industry: Russian service sector lagging behind country's emerging oil boom

08/13/2001
Neft i KapitalMoscow Oil field service and supply companies , handmaidens to production, are facing opportunities in Russia of boom proportions as indigenous producers face up to the need for modernization, if the current expansionist mood is to continue.This year, the Russian oil majors will be investing at least $6 billion collectively in oil and gas field development work-evidence that their financial potential has soared from the crisis period of 1998-99.Rising oil output in Russia, together with high world oil prices, has underscored the need for state-of-the-art ancillary services and technology.Soviet legacyNot long ago, the Soviet Union was the world's unrivaled leader in the...
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