Steven Guynn, Russia. oil industry

1. A Brief History of the Oil
Industry in Russia
Steven Guynn

2. Steven Guynn: A Brief History of the
Oil Industry in Russia
Attorney Steven Guynn has extensive experience in
guiding multinational financial transactions. Guynn was
instrumental in negotiating and closing a $19 billion deal on
behalf of his client, Russian oil giant TNK-BP, in a joint
venture agreement.

3. Steven Guynn: A Brief History of the
Oil Industry in Russia
Russia is responsible for 12 percent of the world’s
combined oil output, rivaling Saudi Arabia for the top spot.
The country first began to exploit its vast reserves of
hydrocarbons in the 19th century, when oil fields around
Baku became the site of intense exploration. By the early
20th century, Baku’s population had grown by more than
1,000 percent. By 1905, the region was producing half of
the world’s supply of petroleum.

4. Steven Guynn: A Brief History of the
Oil Industry in Russia
Over the years, exploration yielded significant oil reserves
in other parts of the nation. Unfortunately, the Russian Civil
War devastated the economy, and the Soviet Union later
nationalized the oil industry. By the late 1980s, the Russian
oil industry had reached its peak production of more than
11 million barrels per day. Yet after the fall of the Soviet
Union only a few years later, output had dipped to 6 million
barrels a day. Recent developments brought the country
back to the levels that it had enjoyed during the Soviet
period, although many of today’s experts have expressed
concern about long-term viability.

5. Steven Guynn: A Brief History of the
Oil Industry in Russia
In 2010, Russia announced the discovery of large deposits
of oil, totaling some 150 million metric tons, in eastern
Siberia. However, experts warn that Russia will need to
follow the best technological and financial practices
propelling the operations of other oil-producing economies
to fully exploit this new reserve.