The Russian Oil Economy

The Russian Oil Economy

Jennifer I. Considine and William A. Kerr

In this unique work, Jennifer Considine and William Kerr contend that while OPEC currently dominates the international oil market, Russia will be a key player in the future international energy market. Indeed, Russia’s petroleum resources rival those of Saudi Arabia. More than almost any other industry, future performance is often determined by the influence of decisions made in the past. This book provides a detailed history of the development of the Russian oil economy in order to build up a comprehensive and discerning picture of its future role and significance in the global energy market of the 21st century.

Appendix A: The Early Regional Development of the Russian Oil Industry, 1860-1975

Jennifer I. Considine and William A. Kerr

Subjects: economics and finance, energy economics

Extract

Appendix A: The Early Regional Development of the Russian Oil Industry, 1860-1975 Region The Caucasus - Caspian BakdAzerbaijan The oil fields of Azerbaijan are located on the Ashperon Peninsula near Baku, the Aspheron archipelago, and the Kura river fields Baku is the oldest producing region in the CIS In the years before the October Revolution it was the undisputed center of Russian oil production Under the direction of the Soviets,Baku crude oil flows rose steadily from the 7 8 million tonnes reported in 1916 to approximately 22 million tonnes in 1940. Location Histoty In the decade of the 1940s production decline in the older fields - forestalledto some extent, by offshore drillingand a number of new discoveries- began slowly !o diminish regional crude oil flows Production fell gradually, to a mere 17 million tonnes in 1950 While crude oil flows would not regain their 1940 peak, a series of new discoveries,and the use of water injection, would propel the level of Azerbaijan production to a post-World War I1 high of 21 7 million tonnes in 1966 After this point, the lw crude oil f o s from ageing fields slowed gradually to only 19 million tonnes in 1972 By the early 1970s there were approximately 60 oil fields in Azerbaijan These included a (i)) Lobatisskoe - I c a t d approima:e!y 10 k to the soiithwest of Bclku, (ii) Karadag - located approximately 43 km to the southwest of Baku, (iii) NefiyanyeKamni - located in...

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