Well those oil fields etc does not seem be making any sort of...

Well those oil fields etc does not seem be making any sort of effect !

Russia sets world drilling record drilling pace .

I read on one Russian rig manufacturer they have adapted to having less than five percent foreign components now . The five percent maybe BRICS ?

Anyway companies who left sold to local firms as well .

Effect of sanctions. The new drilling highs come as the Russian oil industry faces unprecedented sanctions introduced by Western nations and their allies last year in condemnation of the war in Ukraine. Restrictions on supplies of energy equipment and technologies were intended to cut into Russia’s ability to drill and pump oil, a key source of revenue for the national budget.

The bans have so far proved less potent, partly due to a high share of domestic oil-service providers. In 2021, before the invasion, international companies accounted for just 12% of the Russian market, according to Dmitry Kasatkin, a partner at Kasatkin Consulting, formerly Deloitte’s research center in the region. In 2022, that share dropped to 9%, their estimates show.

In many cases, foreign providers were a unique source of high-tech services and equipment for the Russian industry. However, while two international service giants — Halliburton Co. and Baker Hughes Co. — exited the sanctioned nation, their expertise, equipment and personnel were not lost to the nation’s industry because the firms sold off their in-country businesses to the local management.

SLB, the world’s biggest oil-services provider, last month said it is halting shipments of products and technologies into Russia from its facilities worldwide. The step followed SLB’s earlier ban on supplies to the sanctioned nation from several western countries and a pledge to stop making new investments into its business in the country.

https://www.worldoil.com/news/2023/...illing-pace-despite-opec-oil-production-cuts/