1. Elena Telegina Director of the Institute of Geopolitics and Energy Security Corresponding Member of Russian Academy of Sciences Dean, International Energy Business Department Doctor of Economics, Professor Russian University of Oil and Gas Baltic Forum, May 2012 Energy Markets: New Challenges

2. Huge gas reserves targeting Europe, tcm, 2010 BP Statistical Review of World Energy 2011, ENGIN

3. Gas Supply to EU, 2010, Bcm BP Statistical Review of World Energy 2011, ENGIN

4. Largest Oil and Gas Producers and Importers, 2010 Producers Bcm % world total USA611,019,3 Russia588,918,4 Canada159,85,0 Iran131,24,4 Qatar116,43,3 World Total3193,0100 Net importersBcm Japan93,4 Germany92,8 Italy75,3 France48,8 Turkey36,6 World Total975,2 BP Statistical Review of World Energy 2011, ENGIN Oil Gas ProducersMln t% world total Russia505,112,9 Saudi Arabia467,812,0 USA339,18,7 Iran203,05,2 China203,05, 2 World Total3913,7100 Net importersMln t EU596,8 USA577,1 China294,5 Japan225,7 India178,5 World Total2633,5

5. US: Hi-Supply Asia: Hi-Demand EU: Oversupply - Competitive Pricing - Indexation and Hubs - Indexation ENGIN

6. EU Priority Corridors For Electricity, Gas and Oil

7. Main Gas Pipelines and Hubs in Europe RWE, ENGIN

8. TURKEY: Not Only a Transit Corridor But Also an Energy Hub South Stream US Energy Administration

9. 157 Russian Gas Production, Bcm, 1997-2011 GAZPROM Independent Companies Export Domestic Market 277 286 ENGIN, companies 2011

10. Russian Gas Production, Bcm Gazprom, ENGIN

11. Russian Oil&Gas Shelf Production CategoryShelfIRR, %Royalty,% 1Baltic and Azov Seas16,530 2Black Sea Shallow shelf18,515 3South of Barents and Okhotsk Seas20,5 10 4North of Barents and Okhotsk Seas and Eastern Arctic 225 *Continental shelf, Caspian Sea16-225 Planned Fiscal Regime for Shelf Projects Russian Minenergo, Russian Government, ENGIN

12. Indicative costs for potential gas sources to Europe, 2020 IEA,ENGIN 1.Algeria piped gas 2.Qatar LNG 3.Algeria LNG 4.Nigeria LNG 5.Yamal piped gas 6.Russia LNG 7.US shale (base case) 8.Germany shale onshore (base case) 9.Poland shale (worst case) 10.Germany shale onshore (worst case) 1 2 3 4 5 6 7 8 9 10

13. Top Three Countries by Economic Dominance (% share of global economic power*) *Weighted by share of world GDP, trade and net capital exports by A.Subramanian 1870 1973 2010 2030 forecast

14. www.desertec.org

15. World Energy Supply by Source, 2010 Ecofys Energy Scenario, 2010

16. Thank you!