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It is enormous. If you look at BP’s 2016 results, a third of our production comes from Russia, almost half of our reserves bookings are from Rosneft and last year a significant amount of our profit came from Russia, in what was otherwise a difficult year.
Russian oils have done quite well recently, although I think the sector is still overly discounted, but that means there is a potential to grow value. However, the fundamentals are there because the cost of finding and developing the oil is very low. Most of Russia’s production is onshore and there is a lot of infrastructure in place that we can tap into.
It’s also a huge gas player, which suits BP’s strategy. Again, these are largely onshore fields attached to existing infrastructure. Then consider where Russia sits geographically, it’s between Asia and Europe – two great gas and oil markets.