On the Cost of Lost Production from Russian Oil Fields*

James Smith

The Energy Journal, 1995, vol. 16, issue 2, 25-57

Abstract: Russia is now paying heavily for past mismanagement of its major oil fields. Unconventional attempts to maximize short-run extraction, neglect of routine maintenance, and shortages of critical equipment have combined to cause a steep decline in production. This study examines the scope and size of resulting economic losses using an extension of the traditional exponential decline model. Estimates derived from the model indicate that as much as 40% of the potential value of Russian oil reserves has been lost through poor management.

Keywords: Lost oil production; Russia; mismanagement; exponential decline model; oil field rehabilitation (search for similar items in EconPapers)
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:sae:enejou:v:16:y:1995:i:2:p:25-57

DOI: 10.5547/ISSN0195-6574-EJ-Vol16-No2-2

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