Russian oil and gas facts

General considerations:

Russia is one of the world’s leading countries in terms of oil production and oil reserves
It has strong macroeconomic fundamentals
Its investment climate is constantly improving as evidenced by Russia’s investment grade ratings by rating agencies
Russia has a highly skilled work force in particular in the oil and gas sector
Since 1998 the Russian oil industry showed impressive growth rates and was the driving industry for Russian economic growth. An increase in development drilling is expected to stimulate further production growth which is anticipated to reach 565 million tons in 2010
Ninety percent (90%) of the fuel and energy market in the Russian Federation is controlled by nine vertically integrated companies. The remaining market is left to independent oil and gas companies.

Approximately 10.1 billion tons (approximately 74 billion barrels) of proved oil
Approximately 47.8 trillion cubic meters (280 billion barrels of oil equivalent) of proved gas
As of year end 2006, estimated oil and gas reserves represented 6.6% and 26.3% of the world’s total reserves, respectively