Thursday, February 5

Eastern Siberia: the Last Russian Frontier for Oil Production Growth

The Eastern Siberian resource base represents the single most important near-term greenfield opportunity for Russian oil producers to build up value by offsetting declines in output at legacy fields and diversifying exports. The sheer size of the reserves base – pegged at 11.7 bln bbl, or 9% of Russia’s total – as well as the government’s willingness to provide tax incentives and its commitment to build transportation infrastructure, coupled with high energy demand from China, implies that there is potential not only to fuel spectacular growth in oil and gas output in Eastern Siberia, but to transform and develop the entire region. To win the East Siberian prize, oil and gas companies will need to make very sizable upfront cost commitments, allocate already stretched human resources, build oil and gas infrastructure from scratch, use state of the art technology and overcome hardships related to the harsh environment and often difficult geology.

How big is the prize, how tough will it be to realize, and who has lined up to chase it will be explored by our panelists.

Tatiana Mitrova, Head of the Center for International Energy Markets Studies, Energy Research Institute of the Russian Academy of Sciences

Mars Khasanov, Vice President of Science, Rosneft
Denis Khramov, Head of Department for State Policy and Regulation in Geological Exploration and Subsoil Use, Ministry of Natural Resources of the Russian Federation
Mikhail Krutikhin, Partner, RusEnergy
Anatoly Nuryaev, First Deputy Chief Executive Officer, Surgutneftegaz
Grigory Vygon, Director for Economics and Finance, Ministry of Natural Resources of the Russian Federation