The Russian Oil & Gas Industry: Russian oil firms mark dramatic turnaround in 1999-2000

Russian oil and gas companies marked a dramatic turnaround in operating and financial results in 1999-2000.The improving outlook generated a relative boom in capital spending for upstream oil and gas work.1999 spending spikeThe first recent big increase in capital spending by Russian oil companies in 1999 occurred almost across the board.Annual reports by Russian oil companies for 1999 showed that all of them-except OAO Sibneft and OAO Yukos-managed to step up investment in oil production in Russia substantially from the previous year. Total investment in Russian oil production (with no breakout of exploration spending) amounted to 42.9 billion rubles, or a 60.6% rise from 1998. (The curr...

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