Europe / Caspian / CIS

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Summary | Profile

Country profile: Russia

Location: Northern Asia (the area west of the Urals is considered part of Europe), bordering the Arctic Ocean, between Europe and the North Pacific Ocean
Climate: ranges from steppes in the south through humid continental in much of European Russia; subarctic in Siberia to tundra climate in the polar north; winters vary from cool along Black Sea to frigid in Siberia;
Terrain: broad plain with low hills west of Urals; vast coniferous forest and tundra in Siberia; uplands and mountains along southern border regions
Size: 17075200 sq. km total (Land area: 16995800 sq. km  Water area: 79400 sq.km)
Population: 140,702,094 (July 2008 est.)
Languages: Russian, many minority languages
Government: federation
Capital city: Moscow
Legal system: based on civil law system; judicial review of legislative acts; has not accepted compulsory ICJ jurisdiction
Currency: Russian ruble (RUB)
Licensing:

Country profile

In 2007, Russia’s real gross domestic product (GDP) grew by approximately 8.1 percent, surpassing average growth rates in all other G8 countries, and marking the country’s seventh consecutive year of economic expansion. Russia’s economic growth over the past seven years has been driven primarily by energy exports, given the increase in Russian oil production and relatively high world oil prices during the period. Internally, Russia gets over half of its domestic energy needs from natural gas, up from around 49 percent in 1992. Since then, the share of energy use from coal and nuclear has stayed constant, while energy use from oil has decreased from 27 percent to around 19 percent.

Russia’s economy is heavily dependent on oil and natural gas exports. In order to manage windfall oil receipts, the government established a stabilization fund in 2004. By the end of 2007, the fund was expected to be worth $158 billion, or about 12 percent of the country’s nominal GDP. According to calculations by Alfa Bank, the fuel sector accounts for about 20.5 percent of GDP, down from around 22 percent in 2000. According to IMF and World Bank estimates, the oil and gas sector generated more than 60 percent of Russia’s export revenues (64% in 2007), and accounted for 30 percent of all foreign direct investment (FDI) in the country.

Kremlin policy makers continue to exhibit an inclination to advance the state's influence in the energy sector. Taxes on oil exports and extraction are still high, and Russia’s state-influenced oil and gas companies are obtaining controlling stakes in previously foreign-led projects. State-owned export facilities have grown at breakneck pace, while private projects have progressed more slowly or have been met with roadblocks by state-owned companies or by various government agencies.

Energy production and consumption


Oil Gas
Production: 9 million bbl/day (2007) 656 billion cu m (2007 est.)
Consumption: 2 million bbl/day (2007) 610 billion cu m (2007 est.)
Exports: 5 million bbl/day (2004) 182 billion cu m (2007 est.)
Imports: 100,000 bbl/day (2004) 37 billion cu m (2007 est.)
Reserves: 60 billion bbl (1 January 2006 est.) 47 trillion cu m (1 January 2006)
Major fields:



Russia - recent news

15 Sep 20
Russia: LUKOIL installs fixed platform jackets at V.I. Grayfer field in the Caspian Sea
LUKOIL has completed installation of the jackets of the fixed ice-resistant platform at the V.I. Grayfer field in the Caspian Sea. The start of production at the field is scheduled for 2022. The field's annual planned production rate is 1.2 million metric tonnes of oil.
21 Jul 20
Russia: Gazprom Neft and Shell launch joint project for development of a major hydrocarbon cluster on Gydan peninsula
Gazprom Neft and Shell have signed an agreement to establish a joint venture to study and develop the Leskinsky and Pukhutsyayakhsky license blocks on the Gydan Peninsula.
05 Jul 20
Russia: Gazprom Neft and Zarubezhneft join forces to develop 'hard-to-recover' reserves in the Khanty-Mansi Autonomous Okrug
Gazprom Neft and Zarubezhneft have signed a binding agreement on establishing a joint venture for exploration and production of hard-to-recover oil reserves in the Khanty-Mansi Autonomous Okrug - Yugra.
23 Jun 20
Russia: LUKOIL starts drilling at new North Caspian prospects
LUKOIL has started exploration and production drilling at prospects and fields in the northern areas of the Caspian Sea.
15 Jun 20
Russia: Gazprom drilling first production well at Kharasaveyskoye field in Yamal
Gazprom has spudded the first producing well at the Kharasaveyskoye field, which is the second most important field (after the Bovanenkovskoye field) in Gazprom’s Yamal gas production center.

Russia - more news

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