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General / International: The Oil Industry in Russia

Joint meeting with the International Study Group.

Major markets that control global demand growth are in the USA and China.
Russia is very well positioned to serve both of these market needs with Timan-Pechora Caspian and Western Siberia positioned to supply to the USA and Eastern Siberia positioned to supply China.

In this presentation I will discuss Russian production trends which are showing 10%
growth in oil production per year over the past three years. I will also show that the
growth is sustainable, and it is supported by reserves and resources in the main
Russian basins.

An estimate of the Capex required for 10% growth in the Oilfield services market will
be outlined. The Economides' "activation index" (how much CAPEX it takes to put
1 bopd to the market)  will be discussed and compared to the other producing regions
in the world along with the OPEX and reserves acquisition costs in Russia.

Finally some information about the major infrastructure projects and investment opportunities within Russia will be provided.

After the registration deadline, walk-ins will be accepted on a first-come, first-served basis.

Location: Petroleum Club
800 Bell
Houston , Texas

Date: Jan. 9, 2006, 11:15 a.m. - Jan. 9, 2006, 1 p.m.