Capex at Russia’s largest companies will decrease by 5.9% in 2020 to around USD54.9bn. We expect a greater proportion of capital investment to be directed towards existing production capacity over exploration and greenfeld development. Gazprom will moderate spending through 2020 after the planned completion of several ambitious midstream projects. The remainder of capex will be used to maintain gas production to service new export commitments. Novatek will see its capex rising strongly again, with a focus on the Arctic LNG 2 development which has now reached a fnal investment decision. Spending will also be driven by work at the company’s Murmansk transshipment project and the Ust-Luga refning complex.
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