Russia's Bakken
The Bazhenov formation in West Siberia could be the world's largest oil reservoir. Will it deliver?
RUSSIA, the world's biggest oil producer, needs a Bakken-style production bonanza of its own. West Siberia's conventional oilfields, the bedrock of decades of supply, are ageing. Output of around 11 million barrels a day (b/d) has already defied forecasts, but analysts expect it to ebb steadily away from this high-water mark in the next few years. Soon, the country will hand its position at the top of global crude supply to the US. Unconventional oil, believes the Kremlin, could solve the problem, helping the country's energy industry meet a government target to keep output at present levels until 2030. And Russia has lots of unconventional oil. The US' Energy Information Administration (EIA
Also in this section
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
14 January 2026
Leading economies in the region are using oil and gas revenues to fund mineral strategies and power hyperscale computing
14 January 2026
The South American country offers stable, transparent and high-potential opportunities and is now ready for fresh exploration and partnership
13 January 2026
Across Europe, countries have grappled with balancing ambitious energy transition plans with realities about security of supply
