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The key developments in the Russian oil industry in 2007 and 2008 were falling oil production levels demonstrated by the majority of the Russian oil majors, a surge in production and exploration drilling and a continuing decline in the efficiency of production stimulation. The fundamental factors that shaped this decline were the aging upstream asset base of the Russian oil companies and their underinvestment in old and new field development in the previous years. Overall, the Russian oil industry faces a formidable internal challenge, which-along with the steep fall in oil prices in 2008-will test the companies in the management of operations, technology and human resources. In this article, energy research and consulting firm RPI gives an overview of the performance of the Russian oil industry in 2007 and a brief outlook for 2008. In 2007, Russian upstream activity developed in line with the prevailing trends of recent years.
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