What Will Russian Sanctions and A Repealed US Export Ban Mean for the Energy Market? | Audubon Companies
What Will Russian Sanctions and A Repealed US Export Ban Mean for the Energy Market? | Audubon Companies
Industry
Onshore Oil + Gas, Petrochemicals + Refining, Pipelines + Terminals
Author
Allison Humphries Avatar
Content Creator Audubon

What Will Russian Sanctions and A Repealed US Export Ban Mean for the Energy Market?

With the recent sanctions against Russia and growing international pressure to lift the U.S. export ban on crude oil, questions remain about whether a major shift in the oil and gas market is on the horizon.

New EU and U.S. sanctions prohibit Russia’s state-run and private oil and gas companies from extracting Arctic, deepwater, or shale oil using U.S. or EU technologies and equipment. The sanctions put the future projects and long-term developments at risk, including Western companies with joint ventures in Russia.

Meanwhile, the U.S. has become the world’s largest oil producer amid its booming shale production. According to some analysts, repealing the 1970s export ban would allow U.S. crude oil to be sold at higher prices overseas, boost the U.S. economy, and lower U.S. gasoline prices and the price per barrel globally. Others claim that the global market will remain unaffected, but a redistribution of profits for U.S. oil producers is possible with a higher profit margin going to unrefined oil instead of refined oil.

Plans for exporting U.S. crude oil are currently underway as the ban becomes more lax. Dominion Cove Point, an existing liquefied natural gas (LNG) terminal on the Chesapeake Bay in Lusby, MD., is proposed to provide bidirectional services for LNG. In March 2013, Audubon Engineering Solutions was named Owner’s Engineer for the proposed Dominion Cove Point LNG construction project during the front-end engineering design (FEED) phase. The project will give foreign markets access to natural gas from the Marcellus Shale, which lies beneath parts of New York, Ohio, Pennsylvania, Maryland, Virginia and West Virginia.

Allison Humphries Avatar

Related services we offer

On-Site Water Treatment-Img-AFSnde-For web
Ensure compliance and quick turnaround with mobile, modular systems.
Vendor Surveillance | Services | Audubon
Increase transparency and effectively monitor third parties across your supply chain.
Land + Right-of-Way | Services | Audubon
Integrate local expertise and specialized knowledge for acquisitions and permitting.
Construction Management | Services | Audubon
Improve productivity and efficiency while reducing downtime and costs.
Asset Integrity+ Corrosion | Services | Audubon
Safely and reliably extend productive life with customized solutions that detect damage and combat corrosion.
Inspection | Services | Audubon
Ensure safety, quality, compliance, and reliable asset performance.
GIS + Data Management | Services | Audubon
Leverage best-in-class tools and platforms for actionable insights on your assets.
Surveying + Mapping | Services | Audubon
Get the quickest, most accurate data with the latest technologies.
Vapor Recovery | Services | Audubon
Achieve destruction efficiency, regulatory compliance, and sustainable energy at once.
Industrial Control Panel Fabrication | Services | Audubon
Leverage significant EPC experience for specialized control panel design and delivery.
Regen-Filter-Skid_edited
Improve time and cost efficiencies with Opero Energy's turnkey processing equipment and systems.
Disaster Recovery + Restoration | Services | Audubon
Recover quickly from catastrophic events with our multidisciplinary capabilities and technical field expertise.
Crane + Heavy Lift | Services | Audubon
Apply state-of-the-art machines, thorough project planning, and certified technicians at your site.
Carbon Capture | Services | Audubon
Meet your success metrics for decarbonization without sacrificing profits.
Process Safety Management + Risk Management | Audubon
Proactively assess your risk and enhance operational safety.
In-Plant Engineering | Services | Audubon
Bolster your team with the right personnel to meet your objectives.
Environmental Consulting + Regulatory Services | Audubon
Meet complex requirements, mitigate risk, and maximize project economics.
Decommissioning | Services | Audubon
Unlock the hidden value of end-of-life assetss.
Commissioning and Start-Up | O&M Capabilities | Audubon
Boost uptime, safety, and performance from final construction to operation and handover.
Optimization + Debottlenecking | Services | Audubon
Enhance, extend, and maximize the productivity of brownfield assets for optimal ROI.
Turnaround Management | Services | Audubon
Accelerate project timelines, improve plant performance, and circumvent issues before they affect operations.
Nondestructive Evaluation | Services | Audubon
Minimize risk without sacrificing uptime.
Material Verification | Services | Audubon
Apply a proven, proprietary process to get TVC records for PHMSA compliance.
Industrial Control Systems | Services | Audubon
Get custom, cutting-edge automation for reliability and performance.
SCADA Systems | Automation and Control | Capabilities | Audubon
Maximize efficiency and safeguard security across your site.
Safety Instrumented Systems | Services | Audubon
Increase asset protection and productivity while maintaining functional safety standards.
Operational Technology + Cybersecurity | Services | Audubon
Fortify your infrastructure, optimize network performance, and minimize cyber risk.
Detailed Engineering + Design | Services | Audubon
Maximize project value with leading technologies and an agile, dedicated team.
9d0295eb325f826726d41ddf68193976 (1) (1)
Better define work scope, decrease uncertainty, and meet strategic objectives.
Owner's Engineering | Services | Audubon
Get a trusted partner to achieve your project goals safely and efficiently.
Construction | Services | Audubon
Execute with the highest levels of quality and safety.

Related news + insights

Applying the FEED Phase to Reengineer the Future of Oil + Gas
Esteban Ramos
Esteban Ramos
Country Manager, Audubon
Brochure|
Importance of Debottlenecking in Downstream Operations
Jun. 13, 2023|
Blog|
Debottlenecking: What It Is and How It Can Help Optimize Downstream Processes