In the second of a series of blogs from the Troika Dialog Investment Forum in Moscow, panelists disagree about almost everything to do with the present and future of Russian oil.
Finally, there was no single view on the future for Russia’s oil industry. Minister Kudryashov insisted the era of easy oil remained, since the country still has the reserves, the technology, the people and the expertise. Not so, countered RussNeft President Mikhail Gutseriev. The education of industry managers in the country is at a “fetal stage”. “I’m not even going to mention corruption – even little kids know about it by now,” he added.
BP’s Ruehl pointed out that all the breakthrough technological solutions of recent years – from multistage fracking and horizontal drilling that allowed the unlocking of the shale deposits, to deepwater production – were originally developed in the most competitive upstream markets, such as the US or Canada. The Russian tax system should be tilted toward stimulating such competition, he said.