Former eastern bloc's industry is in a massive transition

Journal Article · Sat Aug 01 00:00:00 EDT 1992 · World Oil; (United States)

OSTI ID:7103685

Rayden, A

Tumultuous is a good description of the former Soviet Union's (FSU) oil and gas industry during the past twelve months. This paper reports that observers have witnessed a continued decline in oil production while the various republics' infant regimes wrestle with creating new market-oriented regulatory schemes. For foreign investors, this period has been a time of unprecedented opportunity, as well as tremendous frustration. Oil production within the FSU should fall significantly again this year. The question is, how much Russian officials earlier this year predicted output would be about 460 million t (9.01 million bopd, at a conversion rate of 7.172 bbl/t). Contrast these figures against last year's FSU output, which totaled 515 million t (10.1 million bopd). Although government estimates put FSU recoverable oil reserves at 179.3 billion bbl (25 billion/t), that figure is considered proved and possible. Immediately accessible proved oil reserves are thought to be more like 59.9 billion bbl. Proved gas reserves are the world's largest at 1,853.4 Tcf.

• OSTI ID: 7103685
• Journal Information: World Oil; (United States), Vol. 213:8; ISSN 0043-8790
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
29 ENERGY PLANNING
POLICY AND ECONOMY
03 NATURAL GAS
PETROLEUM INDUSTRY
INVESTMENT
REVIEWS
USSR
WELL DRILLING
PLANNING
FOREIGN POLICY
GOVERNMENT POLICIES
MARKET
NATURAL GAS
OIL WELLS
PRODUCTIVITY
RESOURCE ASSESSMENT
ASIA
DEVELOPED COUNTRIES
DOCUMENT TYPES
DRILLING
ENERGY SOURCES
EUROPE
FLUIDS
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
INDUSTRY
WELLS
020700* - Petroleum- Economics
Industrial
& Business Aspects
294002 - Energy Planning & Policy- Petroleum
030600 - Natural Gas- Economic
Industrial
& Business Aspects
294003 - Energy Planning & Policy- Natural Gas