Oil and natural gas in the Russian Federation

The paper describes the political and economic situation in the Russian Federation, now that the Communist system no longer rules Russia. To address the political risk associated with doing business in Russia, the US provides insurance coverage through the Overseas Private Investment Corporation (OPIC). This is a federally chartered program that insures new investments, if approved by the Russian government, and benefit the socio-economic development of the country. The paper then describes petroleum production and resource development in the Volga-Urals province, West Siberia, Komi province, East Siberia, and the Far East province. Joint ventures and the current status of production are described for major regions of each province.