As we go forward into 2008, we continue to take a look at the state of the Russian oil and gas sector. A questionnaire was sent to senior executives from a range of oil and gas companies operating in the Russian market. The questions explored attitudes and expectations, with an intention to “take the temperature” of the industry, rather than just analyze dry statistics. Our respondents represented a wide variety of public, private and state-owned companies, consisting of not only small and medium sized upstream companies, but also a cross-section of major Russian and international vertically integrated companies.

We continue to have high expectations for the future of the Russian oil sector. However, despite the prospect of continuing high oil prices, concerns remain for the industry; not the least of which is to do with government regulation of the industry and the overall tax burden for oil and gas companies.

To view the full results of the survey please see the attached PDF file. You can also view the results 2007 Russian Oil & Gas Outlook Survey.

We’d like to thank all those who shared their insights into the future of the Russian oil and gas industry.