Peak danger is in the early 2010s, Gazprom’s Bovanenkovo field will be key

Politics to determine whether the rich potential is realised

High economic stakes, as well as new risks and opportunities for oil companies

Availability, pricing, secure title and recovering agribusiness make for a major new best resource play

A revealed comparative advantage

But the system still works

Pipeline bottlenecks give way to overcapacity

Clear and transparent restrictions on foreign investment may not satisfy the state oligarchs

The resource is big, but the returns are still small

The newly launched exchange is accelerating domestic market liberalisation with everyone a winner