A must attend event for everyone interested in the Russian and CIS oil & gas industry
Russia and the rest of the CIS region, the Caspian in particular, is predicted to play a vital role in the future of global energy supplies. At the same time, such dependency on Russia causes well justified concerns in the West and has already become one of the most prominent issues on the EU’s agenda.
Russia, for its part, is in need of innovation and investments into its oil and gas sector. Brownfield exploration, mainly concentrated in West Siberia, is currently expiring and ninety per cent of oil resources discovered over the last century have been fully exploited. The future now largely depends on the greenfield development, which has spurred the move to unlock the vast oil wealth of Eastern Siberia and offshore.
However, according to most industry analysts, it will be up to five times more expensive to develop fields in Eastern Siberia than in West Siberia due to climatic and geological conditions. This opens immence opportunities for global technology, service and equipment providers, as well investment banks and large international investors to take advantage of Russia’s vast hydrocarbon reserves, particularly in an era of high oil prices.
