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61 comments on Uncertainties About Russian Reserves and Future Production
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61 comments on Uncertainties About Russian Reserves and Future Production
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For anyone interested, I recently posted an historical account of Russian oil production and future prospects on my blog: http://oilpolitics.blogspot.com/. The reserve/production numbers are mostly from Grace's book Russian Oil - Current Status and Outlook.
As for the Russian political/economic climate going forward, I am relatively optimistic. Putin made his point with Khordokovsky (that oligarchs and politics shouldn't mix) and the investment climate in Russia is slowly improving. Putin himself has most often taken a middle ground between the oligarchs and siloviki (former KGB harliners, nationalists) and will likely pursue a 'managed capitalism' for the remainder of his term. This will help bring IOC's back into the country (in fact, I thought I read somewhere that Lukoil was about to pick a couple of foreign partners for one of the Timan-Pechora projects). The question is then who replaces him. Gazprom Chairman Dmitry Medvedev, who was recently promoted to first deputy Prime Minister (just before the Ukraine shut-off, go figure. . . ), is an early favorite. The other primary contender (also recently promoted to a Prime Minister slot) is Sergei Ivanov. Ivanov is the champion of the siloviki in the Kremlin, although he is moderate for that camp. While Putin would likely prefer Medvedev to Ivanov, the former, unlike Ivanov, does not have a natural constituency in the electorate.