EXPLORING TECHNOLOGICAL ADVANCEMENTS IN OILFIELD SERVICES: PROSPECTS FOR THE DEVELOPMENT OF ARCTIC OIL AND GAS FIELDS

• Published in: Север и рынок: формирование экономического порядка
• Main Authors: Rustem J. Adiev, Alexey V. Beloshitskiy, Timofei A. Beloshitskiy, Vera V. Birukova
• Format: Article in Journal/Newspaper
• Language: English; Russian
• Published: The Russian Academy of Sciences, Federal Research Centre Kola Science Centre 2023
• Subjects: arctic territories; oil and gas fields; oilfield services; innovation-driven and technological development; economic efficiency; Social Sciences; H; Arctic
• Online Access: https://doi.org/10.37614/2220-802X.4.2023.82.005; https://doaj.org/article/44e0d06afad747069a0180c6215d0bd5

The article discusses the key challenges associated with the economic development of the oilfield service industry within the climatic, geological, and infrastructural conditions of the Arctic. The evaluation of the Arctic’s contribution to the total hydrocarbon production in Russia is an important research problem, which is particularly relevant amidst the current international political tensions. The study aims to unveil aspects of research and development (R&D) prospects of oilfield services in Russia’s Arctic regions and adjacent territories. The research identifies characteristic features of economic development associated with economic activity risks. These include infrastructure and technological constraints linked to the distance from federal R&D and industrial centers; insufficient financial resources and experience for large project implementation by local authorities; the intricacy and labor intensity of work, coupled with a shortage of specialists possessing the necessary skills. The study establishes that the complexity of developing Arctic oil and gas fields is mitigated by the application of innovations and highlights the vulnerability of domestic companies to import supplies, which are currently inaccessible due to Western sanctions. The results presented offer a comprehensive view of the promising facets of the innovation-driven and technological development of the oilfield services industry in the Arctic. They propose specific measures geared towards enhancing production efficiency in the oil and gas and oilfield services sectors for implementation by the government. The study’s conclusions constitute its scientific novelty and affirm that the sector under consideration is characterized by the following aspects: 1) the demanding nature of work necessitating substantial financial assets and professional competencies of often scarce labor market participants, alongside the utilization of innovative technologies to curtail production costs; and 2) a constrained pool of oil and gas market ...