HOT SPOT: PRIOBSKOYE OIL FIELD, WESTERN SIBERIA The major oil-producing region of Russia covers a very large part of the central and northern areas of Western Siberia: Tyumenskaya oblast, Khanty-Mansyisky where Kumskaya Neft is located and Yamalo-Nenetstky okrug. About 80 percent of the Russian oil and gas reserves are located here. The potential revenues of the mineral resources in the area have been estimated at more than US$1,500 billion. Over the last five years, annual oil production in this area has declined from 400 to 200 million tonnes per year. Still, this accounts for two thirds of total Russian oil production. One of the biggest undeveloped oil fields in this area is Priobskoye. It has a proven reserve of 500 million tonnes. According to some assessments, the Priobskoye oil field contains 10 percent of the remaining Russian proved reserves of oil. Geological forecasts indicate, however, that this is only part of a much larger area (50-100 km wide and 300 km long) of large oil reserves.