Europe / Caspian / CIS

Russia flag
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
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)

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 May 23
Russia: LUKOIL commissions the second stage of Kolskaya wind power plant
The second stage of the Kolskaya wind power plant (WPP), which is world's most powerful wind farm beyond the Arctic Circle, was launched May 12. The plant was constructed by PJSC EL5-Energo (part of LUKOIL Group). The target generation of the wind farm amounts to about 750 million kWh per year
12 Apr 23
Russia: Novatek to acquire Shell's stake in Sakhalin-2 for $1.16 bln
Russia's government is reported to have approved the sale of Shell's former 27.5% stake in the Sakhalin-2 energy project to Russian energy firm Novatek for 94.8 billion roubles ($1.16 billion).
20 Mar 23
Russia: PetroNeft Resources provides company update
PetroNeft, an oil and gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61 has provided a company update.
05 Mar 23
Russia: Shell completes withdrawal from its interest in Salym Petroleum Development in Russia
Shell Salym Development – a subsidiary of Shell – has completed the withdrawal from its 50 per cent interest in the Salym project, which had been jointly developed with Gazprom Neft, a subsidiary of Gazprom.
02 Feb 23
Russia: 50 million tonnes of liquid hydrocarbons produced at LUKOIL’S North Caspian fields
LUKOIL's liquid hydrocarbon production in the Russian sector of the Caspian Sea has reached 50 million tonnes. The Company discovered 11 fields in the Caspian Sea. The first one, named after Yury Korchagin, was discovered in 2000 and launched in 2010.

Russia - more news

Other countries in this region

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 277

Completed Deals

Completed Upstream Deals: 6455

Company Profiles

Current Company Profiles: 2886

Corporate Activity

Current Corporate Activity articles: 4034

Companies Looking

Current number of articles: 463

Company Sales

Current Company Sales articles:1620


Current Geostudies articles: 912

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Rose & Assocs 180
Telos NRG
Government of South Australia
Union Jack Oil 149
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675