By Frank Holmes (Guest Post)
Siberia’s western oil fields have been a mainstay of Russia’s economic growth for decades, but the world’s largest producer of oil is now looking elsewhere in its country to replenish its stagnating supplies. Western Siberia’s oil fields have historically proven to be fertile hunting grounds for Russian oil companies, producing nearly 70 percent of the country’s exported oil. But according to a recent report from Merrill Lynch, most of Western Siberia’s oil fields are considered brownfields—regions where roughly 75 percent of fields have been exploited. The firm…
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