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Russian Oil and Gas: A Realistic Assessment by Ray Leonard

Russian Oil and Gas: A Realistic Assessment by Ray Leonard

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This paper discusses the issues surrounding Russian oil and gas reserves. As of the Soviet Union, reliable hydrocarbon resource assessments were not available to the rest of the world. This paper looks at evaluating current Russian energy reserves based on four factors: the current booked reserves, the production level of reserves, oil and gas remaining to be found and export capacity. The author discusses the potential of large undiscovered Russian natural gas reserves possible in the largely unexplored Kara and Barents Seas. The paper predicts that Russian oil production will peak between 2010 and 2020, making a shift to greater natural gas production a necessity. Natural gas production is expected to increase in East Siberia, Northwest Siberia, and offshore. The gas industry is still behind the oil industry in improving its production efficiency. With open competition and adequate investment, the current (2001) production of 20 trillion cubic feet per year can be significantly increased. (This paper by Ray Leonard, “Russian Oil and Gas: A Realistic Assessment,” was published in The Journal of Energy and Development, spring 2002, vol. 27, no. 2).
This paper discusses the issues surrounding Russian oil and gas reserves. As of the Soviet Union, reliable hydrocarbon resource assessments were not available to the rest of the world. This paper looks at evaluating current Russian energy reserves based on four factors: the current booked reserves, the production level of reserves, oil and gas remaining to be found and export capacity. The author discusses the potential of large undiscovered Russian natural gas reserves possible in the largely unexplored Kara and Barents Seas. The paper predicts that Russian oil production will peak between 2010 and 2020, making a shift to greater natural gas production a necessity. Natural gas production is expected to increase in East Siberia, Northwest Siberia, and offshore. The gas industry is still behind the oil industry in improving its production efficiency. With open competition and adequate investment, the current (2001) production of 20 trillion cubic feet per year can be significantly increased. (This paper by Ray Leonard, “Russian Oil and Gas: A Realistic Assessment,” was published in The Journal of Energy and Development, spring 2002, vol. 27, no. 2).

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08/16/2011

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