NEW YORK (TheStreet) -- Contrary to what many investors may assume, Russian oil production has remained relatively stable despite low oil prices and tough sanctions from the United States and Russia, said Kamil Zakirov, CEO at Targin Oilfield Services.
Zakirov, speaking from the IHS Energy CERAWeek conference in Houston, said the ruble suffered a tremendous decline in 2014 with the pice of oil, so the impact of lower energy prices has been muted for most Russian companies, including Targin Oilfield Services.
So, Zakirov said, while open to opportunities with other international oil companies, it's not for the financing but the technological advances the company can bring to the table. Targin Oilfield Services will provide a partnering company the opportunity to operate in a new market, reducing the "learning curve" for its management, he said.
Daily oil production in Russia has remained "quite stable" and there haven't been many job cuts, he added. Capital expenditure budgets haven't changed much either. However, Zakirov did acknowledge that some long-term projects would probably be pushed back.
The sanctions have had an impact on many companies in Russia because of the financial restrictions. However, he claimed, the energy field has been a different story because financing can be done locally. While the sanctions curb shale and Arctic oil production, almost all of the country's production still comes from its traditional oil fields, he concluded.