{"id":17284,"date":"2014-06-19T16:32:03","date_gmt":"2014-06-19T16:32:03","guid":{"rendered":"http:\/\/www.rtcc.org\/?p=17284"},"modified":"2014-06-23T09:07:52","modified_gmt":"2014-06-23T09:07:52","slug":"russia-failing-to-reap-benefit-of-oil-and-gas-iea","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2014\/06\/19\/russia-failing-to-reap-benefit-of-oil-and-gas-iea\/","title":{"rendered":"Russia failing to reap benefit of oil and gas &#8211; IEA"},"content":{"rendered":"<p><strong><span style=\"color: #888888;\">Russia risks falling oil production without foreign investors, more efficiency<\/span><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-17286\" alt=\"oil production\" src=\"http:\/\/www.climatechangenews.com\/files\/2014\/06\/oil.jpg\" width=\"466\" height=\"262\" srcset=\"https:\/\/cdn.climatechangenews.com\/files\/2014\/06\/oil.jpg 466w, https:\/\/cdn.climatechangenews.com\/files\/2014\/06\/oil-57x32.jpg 57w, https:\/\/cdn.climatechangenews.com\/files\/2014\/06\/oil-112x63.jpg 112w, https:\/\/cdn.climatechangenews.com\/files\/2014\/06\/oil-290x163.jpg 290w\" sizes=\"(max-width: 466px) 100vw, 466px\" \/><\/p>\n<p><strong>By <a href=\"https:\/\/twitter.com\/gerardfwynn\" target=\"_blank\">Gerard Wynn<\/a><\/strong><\/p>\n<p><b>Russia will have to liberalise energy prices, upgrade its infrastructure, curb domestic demand and appeal to foreign investors to reap the benefit of its oil and gas resources, the International Energy Agency said. <\/b><\/p>\n<p>Such measures would boost the country\u2019s competitiveness, turn around a sluggish economy, and help cut carbon emissions to tackle climate changes which would impact Russia, the IEA added.<\/p>\n<p>Russia would have to attract foreign investors, to develop unconventional oil and gas resources and maintain output, where western condemnation of Moscow\u2019s annexation of Crimea may not have helped.<\/p>\n<p>\u201cThese challenges will require large investments in a range of USD 100 billion per year over the next 20 years, mainly from private domestic and foreign sources,\u201d <a href=\"https:\/\/www.iea.org\/newsroomandevents\/news\/2014\/june\/iea-releases-review-of-russian-energy-policies.html\" target=\"_blank\">the IEA said in its report, \u201cRussia 2014\u201d<\/a>.<\/p>\n<p>\u201cInfrastructure in the electricity and heat sectors is ageing and needs rapid replacement and modernisation: This poses risks to the country\u2019s energy security (especially for heat and power supplies), as well as its competitiveness and well\u2010being.\u201d<\/p>\n<p>SLUGGISH<\/p>\n<p>Russia\u2019s economy is sluggish even while hitting record oil production and enjoying prices consistently above $100 a barrel.<\/p>\n<p>\u201cIn spite of record high liquids production (close to 11 million barrels per day) and oil price levels (about USD 110 per barrel for the Urals), Russia\u2019s oil and gas sectors are no longer sufficient to ensure steady and robust economic growth as the economy has slowed since the end of 2012 to growth levels of around 1.5%.\u201d<\/p>\n<p>Regulated power and heating prices and the absence of residential heat metering were not helping, by boosting energy consumption.<\/p>\n<p>\u201cThe government\u2019s recent decision to freeze regulated tariff increases may have limited a loss in competitiveness in the short term and inflation, but is sending the wrong signal for energy efficiency and is likely to slow down infrastructure investments as well as end\u2010use energy efficiency investments.\u201d<\/p>\n<p>The IEA highlighted energy waste as a key threat, given the country was using twice as much energy per unit of GDP compared with OECD countries, of which Russia is not a member.<\/p>\n<p>\u201cEnergy efficiency investments in the industrial sector, but also in the residential sector, have not occurred at the required pace. Russia\u2019s energy\u2010intensive goods are facing increasing global competition in domestic and export markets.\u201d<\/p>\n<p>\u201cA strong and effective energy efficiency policy would foster the competitiveness of the Russian economy, help diversify economic activity, increase energy exports and enhance energy supply security.\u201d<\/p>\n<p>\u201cThe modernisation of the Russian economy and energy sector depends to a large extent on energy efficiency deployment as the potential is huge in the industrial, residential, transport sectors and especially in the district heating and power generation sectors. In most of these areas, it can be achieved at relatively low cost.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"NEWS: Russia risks falling oil production without foreign investors, more efficiency","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[19,11,1486],"coauthors":[],"class_list":["post-17284","post","type-post","status-publish","format-standard","hentry","category-energy","tag-energy-efficiency","tag-featured","tag-russia"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russia failing to reap benefit of oil and gas - IEA<\/title>\n<meta name=\"description\" content=\"NEWS: Russia risks falling oil production without foreign investors, more efficiency\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatechangenews.com\/2014\/06\/19\/russia-failing-to-reap-benefit-of-oil-and-gas-iea\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia failing to reap benefit of oil and gas - IEA\" \/>\n<meta property=\"og:description\" content=\"NEWS: Russia risks falling oil production without foreign investors, more efficiency\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.climatechangenews.com\/2014\/06\/19\/russia-failing-to-reap-benefit-of-oil-and-gas-iea\/\" \/>\n<meta property=\"og:site_name\" content=\"Climate Home News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ClimateHomeNews\/\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-19T16:32:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-06-23T09:07:52+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.climatechangenews.com\/files\/2014\/06\/oil.jpg\" \/>\n<meta name=\"author\" content=\"Gerard Wynn\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ClimateHome\" \/>\n<meta name=\"twitter:site\" content=\"@ClimateHome\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gerard Wynn\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.climatechangenews.com\/2014\/06\/19\/russia-failing-to-reap-benefit-of-oil-and-gas-iea\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.climatechangenews.com\/2014\/06\/19\/russia-failing-to-reap-benefit-of-oil-and-gas-iea\/\"},\"author\":{\"name\":\"Gerard Wynn\",\"@id\":\"https:\/\/www.climatechangenews.com\/#\/schema\/person\/307743a5539fee1f0b893efeae57c727\"},\"headline\":\"Russia failing to reap benefit of oil and gas &#8211; 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