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Steven Guynn: A Brief History of the Oil Industry in Russia

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Steven Guynn: A Brief History of the Oil Industry in Russia

  1. 1. A Brief History of the Oil Industry in Russia Steven Guynn
  2. 2. Steven Guynn: A Brief History of the Oil Industry in Russia Attorney Steven Guynn has extensive experience in guiding multinational financial transactions. Guynn was instrumental in negotiating and closing a $19 billion deal on behalf of his client, Russian oil giant TNK-BP, in a joint venture agreement.
  3. 3. Steven Guynn: A Brief History of the Oil Industry in Russia Russia is responsible for 12 percent of the world’s combined oil output, rivaling Saudi Arabia for the top spot. The country first began to exploit its vast reserves of hydrocarbons in the 19th century, when oil fields around Baku became the site of intense exploration. By the early 20th century, Baku’s population had grown by more than 1,000 percent. By 1905, the region was producing half of the world’s supply of petroleum.
  4. 4. Steven Guynn: A Brief History of the Oil Industry in Russia Over the years, exploration yielded significant oil reserves in other parts of the nation. Unfortunately, the Russian Civil War devastated the economy, and the Soviet Union later nationalized the oil industry. By the late 1980s, the Russian oil industry had reached its peak production of more than 11 million barrels per day. Yet after the fall of the Soviet Union only a few years later, output had dipped to 6 million barrels a day. Recent developments brought the country back to the levels that it had enjoyed during the Soviet period, although many of today’s experts have expressed concern about long-term viability.
  5. 5. Steven Guynn: A Brief History of the Oil Industry in Russia In 2010, Russia announced the discovery of large deposits of oil, totaling some 150 million metric tons, in eastern Siberia. However, experts warn that Russia will need to follow the best technological and financial practices propelling the operations of other oil-producing economies to fully exploit this new reserve.

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