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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 participants diminishing competition in the oilfield services market and enabling vertically integrated oil companies to dictate prices to service organizations, thus limiting opportunities for the industry’s innovation-driven and technological development. The study’s conclusions hold significant practical potential and are recommended for incorporation into territorial, regional, and federal programs for the social and economic development of Arctic regions. These findings contribute to the innovation-driven and technological revitalization of the oilfield services industry, an integral element in developing the resource base of Northern territories. Additionally, they provide avenues for further scientific exploration, delving into logistic, financial, technological, corporate, and other economic aspects specific to participants in forthcoming development processes.

This article makes use of financial-economic modeling to study the measures of providing necessary support to Russian oilfield service companies due to a reduction in the amount of orders on the part of oil and gas companies because of the slowdown in the demand for energy inputs as a result of restrictions related to the COVID-19 pandemic. The global practices of drilling uncompleted wells are analyzed; a brief review of the current market situation is provided. The need for taking system-level steps to support the industry and maintaining the key competences and share of Russian companies in the market is shown. [ABSTRACT FROM AUTHOR]

The article presents the assessment and results of researching of prospects of development of the Russian oilfield services market and Russian oilfield services companies. The analysis of the needs of the oil and gas sector in oilfield services is made. The authors consider the structure and volume of Russian market of services in oil and gas industry. Within the scope of this article the authors highlight the main problems of the oil service industry in Russia.

While representing a subset of all services outsourced by resource producers, support services account for 30% of employment in extractive industries in the OECD countries. Unlike mining and energy extraction, support services are the only subsector of the extractive industries where industrialized countries continue to dominate international trade. This suggests that despite producing 80% of the value of global output of extractive industries, emerging economies face difficulties in producing internationally competitive support services. As a result, we analyze the experience of industrialized countries and formulate policy implications for those emerging economies that aim at developing internationally competitive support services in extractive industries. By analyzing existing literature, historical data for the USA, and recent cross-country evidence, we conclude that support services are skill-intensive and benefit from the economy-wide innovation (as proxied by R&D spending). This implies that policy-makers in emerging economies should not only target innovation in the extractive industries but also likewise pursue long-term policies of building knowledge-based economies. [ABSTRACT FROM AUTHOR]

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The article presents the assessment and results of researching of prospects of development of the Russian oilfield services market and Russian oilfield services companies. The analysis of the needs of the oil and gas sector in oilfield services is made. The authors consider the structure and volume of Russian market of services in oil and gas industry. Within the scope of this article the authors highlight the main problems of the oil service industry in Russia.

This article analyzes the factors that may be influential in establishing the capital structure entities oil services sector in Colombia. A review of literature on the subject under study was conducted to develop a conceptual framework, then an exploratory work allowing the gathering of sectorial information of the oil services industry in Colombia, as well as particular data of a group of companies belonging to the sector. The main objective of the research is to establish a systematic basis to illustrate key industry factors influencing the determination of the capital structure in the oil services sector. It has been seen that some variables are particularly conclusive to analyze the sector of the activity described and the creation of a model to make such decisions. Finally it is to generate recommendations for entrepreneurs belonging to this economic activity.