Prospects for the development of the Russian oilfield services in the context of the transition to “green energy”

Abstract

The article discusses the basic concepts and principles of clean (green) energy and the reasons for the transition of the global industrial industry to renewable energy sources. Decarbonization trend in the world economy is said to complicate the prospects of the Russian oilfield services, and the task is to determine the possibilities for its sustainable development. To achieve this goal, the current level and the prospects of green energy were analyzed, the problems associated with the transition to renewable energy sources were examined, various ways of the oil and gas business development have been identified. It is established that the current renewable energy sources contribution to the global energy balance is 5 %. However, the policy of economic stimulation for industry decarbonization, which is observed by the industrially developed countries, ensures doubling of the established renewable capacity every four years. The key problems arising from the transition to the renewable energy are revealed, with the main being storage, non-stop energy supply, and the high price of generation products. The paper focuses on the Russian energy industry features which are characterized with the extensive supply of the traditional cheap natural sources, including gas, oil, coal, hydro resources, nuclear power. The transition time to renewable energy is found to be at least 50 years when hydrocarbons remain to be the main source of energy generation. The prospects of sustainable development of the Russian oilfield services are as follows: integration of high technology and new innovation methods of searching, exploration, development, and exploitation of the hydro carbonated deposits; substitution of imported technologies and equipment with the domestic ones; government support of the industry and diversification towards decarbonization energy.

Keywords: green energy, decarbonization, sustainable development, oilfield services, renewable energy sources, RES

For citation

Beloshitskiy A.V., Cherepovitsyn A.E. Prospects for the development of the Russian oilfield services in the transition to green energy. Perm University Herald. Economy, 2022, vol. 17, no. 1, pp. 65–76. DOI 10.17072/1994-9960-2022-1-65-76

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