Russian oil “too large to neglect”

Russia’s potential for growth in the oil sector is too big an opportunity to miss. That’s the view of Franco Magnani, Executive Vice President, North Europe and Russia of Eni […]

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By Taryn Nixon

Russia’s potential for growth in the oil sector is too big an opportunity to miss.

That’s the view of Franco Magnani, Executive Vice President, North Europe and Russia of Eni who was speaking at the International Petroleum Week conference yesterday.

Mr Magnani said: “The potential of Russian resources are in the order of 310 billion barrels of undiscovered oil spread across the various regions.

“In the Russian Arctic, there is a total of 240 billion barrels of oil equivalent of undiscovered resources.”

He believes in the past 15 years Russia’s oil and gas industry has shown it has the skills to successfully manage highly complex onshore developments and infrastructure projects.

With most of Russia’s future resources offshore, the country would need to invest in new technologies and specific offshore expertise to fully capitalise on its potential, Mr Magnani added.