Russia's oil industry: Risk aversion in a risk-prone environment

Eurasian Geography and Economics

Volumn 48, Issue 3, 2007, Pages 341-357

  Kryukov, Valeriy ^a,b   Moe, Arild ^b  

^a INSTITUTE OF ECONOMICS AND INDUSTRIAL ENGINEERING   (Russian Federation)

^b FRIDTJOF NANSEN INSTITUTE   (Norway)

Author keywords

Exploration; Investments; Oil industry; Production; Reserves; Russia

Indexed keywords

CORPORATE STRATEGY; EXPLORATION; HYDROCARBON RESERVE; INVESTMENT; OIL INDUSTRY; OIL PRODUCTION;

EURASIA; RUSSIAN FEDERATION;

EID: 34547330137     PISSN: 15387216     EISSN: None     Source Type: Journal    
DOI: 10.2747/1538-7216.48.3.341     Document Type: Article

References (41)

1. Alekperov, Vagit, "Looking into the Future," Izvestiya, September 1, 2005.
2. Åslund, Anders, "Russian Resources: Curse or Rents," Eurasian Geography and Economics, 46, 8:610-617, 2005.
3. Belonin, Mikhail and Yuriy Podol'skiy, "Sostoyaniye syr'yevoy bazy i prognoz vozmozhnykh urovney dobychi nefti v Rossii do 2030 g. (The Status of the Resource Base and Forecast for Possible Levels of Oil Production in Russia to 2030)," Mineral'nyye resursy Rossii - ekonomika i upravleniya, 5:3-11, 2006.
4. BP (British Petroleum), Statistical Review of World Energy 2006, 2006 [http://www.bp.com/].
5. Bradshaw, Michael, and Andrew R. Bond, "Crisis Amid Plenty Revisited: Comments on the Problematic Potential of Russian Oil," Eurasian Geography and Economics, 45, 5:352-358.
6. Dienes, Leslie, "Prospects for Russian Oil in the 1990s: Reserves and Costs," Soviet Geography, 28, 9:617-655, 1987.
7. Dienes, Leslie, "Observations on the Problematic Potential of Russian Oil and the Complexities of Siberia," Eurasian Geography and Economics, 45, 5:319-345, 2004.
8. Fyodorov, Sergey, "MPR prinyalo novuyu. klassifikatsiyu (The Ministry of Natural Resources Has Adopted a New Classification)," Neft'i Kapital, 12:16-17, 2005 [http://www.oilcapital.ru].
9. Gaddy, Clifford C. and Barry W. Ickes, "Resource Rent and the Russian Economy," Eurasian Geography and Economics, 46, 8:559-583, 2005.
10. Gornaya entsiklopediya (Mining Encyclopedia), Vol. 2. Moscow, USSR: Sovetskaya entsiklopediya, 1986.
11. Gorst, Isabel, "Russian Pipeline Strategies: Business vs. Politics," J, A. Baker III Institute for Public Policy, Rice University, The Energy Dimension in Russian Global Strategy, October 2004 [http://www.rice.edu/energy/publications/docs/].
12. Goskomstat Rossii, Rossiyskiy statsisticheskiy yezhegodnik 2003 (Russian Statistical Yearbook 2003). Moscow, Russia, 2004.
13. Goskomstat Rossii, Rossiya v tsifrakh 2005 (Russia in Figures 2005). Moscow, Russia, 2005.
14. Khalimov, K. E., Evolyutsiya otechestvennoy klassfikatsii zapasov nefti i gaza (Evolution of the Domestic Classification of Oil and Gas Reserves). Moscow, Russia: Nedra, 2003.
15. Kleschev, K., "Neftedobiche nuzhny novyye bazy (Oil Production in Need of New Bases)," Neft' Rossii, 7:20-23, 2005.
16. Kornysheva, Alena, "Zamestitel' Ministra prirodnykh resursov RF Anatoliy Temkin otvetil na voprosy gazety 'Kommersant' (Deputy RF Minister of Natural Resources Anatoliy Temkin Answers Questions from Kommersant)," December 16, 2005 [http://www.mnr.gov.ru/part/ ?act=print&id=1423&pid=11].
17. Kramer, Andrew E., "Rosneft Buys Yukos Assets, Including Its Oil Refineries," The New York Times, May 4, 2007a [http:// www.nytimes.com/2007/05/04/business].
18. Kramer, Andrew E., "Last Big Piece of Russian Oil Giant Is Sold," The New York Times, May 12, 2007b, B8.
19. Kudinov, Yuriy, Oleg Makarov, and Vladimir Rozum, "Pyat let, kotorye ne obogatili TEK (Five Years That Did Not Enrich the Fuel and Energy Complex)," Neft' Rossii, 2, 2001.
20. Korotkova, Oksana, "Geologorazvedka nuzhna. Komu? (Geological Exploration is Needed. By Whom?)," Nakanune.ru, April 15, 2004 [www.nakanune.ru].
21. Menshikov, S. M., Anatomiya rossiyskogo kapitalizma (Anatomy of Russian Capitalism). Moscow, Russia: Mezhdunarodnyye otnosheniya, 2004.
22. Milov, Vladimir, Leonard L. Coburn, and Igor Danchenko, "Russia's Energy Policy, 1992-2005," Eurasian Geography and Economics, 47, 3:285-313, 2006.
23. Mineral'nyye resursy Rossii - ekonomika i upravleniya, 4:11-17, 2001.
24. Moe, Arild and Anne Kristin Jorgensen, "Offshore Mineral Development in the Russian Barents Sea," Post Soviet Geography and Economics, 41, 2:98-133, 2000.
25. Moe, Arild and Valeriy Kryukov, "Joint Management of Oil and Gas Resources in Russia," Post-Soviet Geography and Economics, 39, 10:588-605, 1998.
26. Neft'i Kapital, 8, 2005; 1-2, 2006; 1-2, 2007 [http:// www.oilcapital.ru].
27. Neftegazovaya Vertikal', 2-3:3, 1999; 3, 2002; 2, 2003a; 13, 2003b; 2, 2004a; 12, 2004b, 2, 2005; 3, 2007 [www.ngv.ru].
28. "Ne metrom yedinym... (Not by a Single Meter ... )," Neft' i Kapital, 5:97, 2005 [http://www.oilcapital.ru].
29. Nicholson, Alex, "Little-Known Company Purchases Yukos' HQ," Houston Chronicle, May 11, 2007 [http://www.chron.com /disp/story.mpl/ap/fn/4795532.html].
30. Osmundsen, Petter, Klaus Mohn, Bård Misund, and Frank Asche, "Is Oil Supply Choked by Financial Markets Pressures?," Energy Policy, 35, 1:467-474, 2007.
31. "Po mneniyu Minenergo, povysheniye neftotdachi plastov - odna iz strategicheskikh zadach Rossiyskoy neftyanoy otrasli (In Minenergo's Opinion, Increasing the Oil Yield of Deposits Is One of the Strategic Tasks of the Russian Oil Sector)," Vsluh.ru (Tyumen'), March 13, 2002 [www.vsluh.ru/news/oilgas/3436.html.
32. "Po mneniyu spetsialistov MPR rossii, dannyye o zapasakh i resursakh uglevodorodov, sosredotochennykh v nedrakh Rossiyskoy Federatsii, o kotorykh govoritsya v doklade kompanii British Petroleum 'Energiya mira-2005', ne sovsem tochno otrazhayut polozheniye del v rossiyskom nedropol'zovanii (According to Specialists from Russia's Ministry of Natural Resources, Data about Reserves and Resources Concentrated in the Subsoil of the Russian Federation, Which Are Discussed in British Petroleum's 'World Energy 2005' Report Do Not Quite Accurately Reflect the State of Affairs in Exploitation of the Russian Subsoil)," June 22, 2005 [www.mnr.ru].
33. "Russia Oil Output to Grow 1-2% in Next 2-3 Years - Official," RIA-Novosti, January 18, 2006.
34. "Russian Energy Strategy," Decree of the Government of the Russian Federation No. 1234-r, Moscow, Russia, August 28, 2003 [www.minprom.gov.ru/does/strateg/1].
35. Sadovnik, P. V., "Osnovnyye raboty Federal'nogo Agenstva po Nedropol'zovaniyu v chasti uglevodorodnogo syr'ya i podzemnykh vod v 2004 g. i zadachi na 2005 g. (Main Work of the Federal Agency for Subsoil Use in the Area of Hydrocarbon Resources and Sub-soil Water in 2005 and Tasks for 2007)," Mineral'nyye resursy Rossii - ekonomika i upravleniya, 2:20-26, 2005.
36. Sadovnik, P. V., "Osnovnyye raboty Rosnedra v 2005 g. i zadachi na 2006 g. v chasti uglevodorodnogo syr'ya i podzemnykh vod (Main Work of Rosnedra in 2005 and Tasks for 2006 in the Area of Hydrocarbon Resources and Sub-soil Water)," Mineral'nyye resursy Rossii - ekonomika i upravleniya, 3:13-20, 2006.
37. Sagers, M., "The Regional Dimension of Russian Oil Production: Is a Sustained Recovery in Prospect?," Eurasian Geography and Economics, 47, 5:505-545, 2006.
38. Trutnev, Yu. P., "O dolgosrochnoy gosudarstvennoy Programme izueheniya nedr i vosproizvodstva mineralno-syr'yevoy bazy Rossii na osnove balansa potrebleniya i vosproizvodstva mineralnogo syr'ya (2005-2010 gg. i do 2020 g.) (On the Long-Term State Program for Investigation and Replenishment of Russia's Mineral Resource Base on the Basis of a Balance between Demand and Replenishment of Mineral Resources (2005-2010 and until 2020)," Mineral'nyye resursy Rossii - ekonomika i upravleniya, 5-6:3-16, 2004.
39. Vorobey, Yuliya, "Nazad k differentsiatsii (Back to Differentiation)," Neft'i Kapital, 12, 2002 [http:// www.oilcapital.ru].
40. Yukos, Yukos Oil Company, Annual Report 2002. Moscow, Russia: Yukos, 2003.
41. Zakallskiy, Vitaliy, Oleg Mkrtchyan, and Boris Solovyov, "O vklade krupneyshikh (About the Contribution of the Biggest)," Neft'i Kapital, 8:12-14, 2005 [http://www.oilcapital.ru].