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By Dmitry Zhdannikov and Katya Golubkova
MOSCOW/LONDON, June 14 (Reuters) - Some of the world's mostpowerful oil executives will attend Russia's top investment shownext week, once again helping the organisers shrug off a meagreturnout from other leading Western industrialists and bankers.
Many CEOs and chairmen from major U.S. and European firmswithdrew from last year's St Petersburg International EconomicForum because of tensions tied to Russia's annexation of Crimeaand a separatist war in eastern Ukraine.
The political environment has calmed and a shaky ceasefireholds in Ukraine, but Western sanctions remain in place and mostWestern business chiefs have again decided to skip what used tobe a key event in the international corporate calendar.
However, for the second year running, oil executives areshowing up regardless, with the heads of BP, Royal DutchShell and Total flying into the home town ofPresident Vladimir Putin.
BP's review of world energy supplies, published this month,estimated that Russian oil and gas reserves had jumped above 100billion barrels for the first time, climbing to some 103 billionfrom 93 billion in the last review in 2013. This put it sixth inthe global reserves league table.
Such an abundance makes it economically vital for majorenergy firms to maintain healthy ties with Moscow.
"Uncertainty is the rule of the game in this industry," thehead of France's Total Patrick Pouyanne said this month. "We arein the long-term business. This is why at Total we are keen tomaintain our commitment to Russia."
Pouyanne and BP's boss Bob Dudley will be speaking at apanel with Putin's energy tsar, the head of Rosneft Igor Sechin. Shell's CEO Ben Van Beurden will share the stage onThursday with the head of Gazprom Alexei Miller.
All of them will likely have a separate meeting with Putinand will generally be much more visible than last year when theypreferred to stay on the sidelines, fresh from the shock of asteep deterioration in relations between Russia and the West.
"Things have calmed down a lot since last year and peoplefeel a bit more conformable. Crimea and the fighting in Ukraineare pretty much gone from the front pages," said a source from amajor Western energy firm attending this year's forum.
Many Kremlinologists have repeatedly predicted that Putin'sstrategy in Ukraine will be to wear down Western leaders, someof whom, such as U.S. President Barack Obama, will be leavingoffice within a couple of years.
LOOMING DEALS
Cooperation with oil majors will no doubt grab the headlineson state Russian television as it helps the Kremlin convey amessage to the nation that it is business as usual for theeconomy despite the jolts it suffered this past year from acollapse in oil prices and the rouble.
Western energy bosses have a lot at stake in Russia, withassets ranging from Shell's giant gas plant on the far easternisland of Sakhalin to BP's 20 percent stake in Rosneft,responsible for a third of its global production.
"I would observe that Russian (energy) imports may not be asuncertain as they can appear," Dudley said this month whenspeaking about Europe's desire to cut dependence on Russian gas.
"As well as Europe needing gas from Russia, Russia needsrevenues from Europe".
The last year's sanctions have prevented Western companiesfrom investing in the Russian Arctic, offshore and tight oilprojects as well as from providing funding for over 90 days.
But onshore developments are still allowed and BP is lookingto expand its portfolio in Russia by buying a stake in an eastSiberian oil field from Rosneft for as much as $800 million.
Shell's van Beurden said this month the company would bekeen to boost capacity of the $20 billion Sakhalin plant by athird while Total is seeking ways to unlock investments into the$30 billion Yamal gas plant.
"It is fair to say Russia likes getting deals done duringthe forum," a source from one of the majors said when asked ifhis company could finalise an accord in St Petersburg.
Executives from giant oil trading houses Glencore,Vitol, Gunvor and Trafigura will also travel to Russia asRosneft is looking for ways to boost its funding options via oilsales deals.
Last year, Putin challenged the Western sanctions bystriking a long awaited gas supply deal just before the forumbetween Kremlin's energy champion Gazprom and China,valued at $400 billion. (Reporting by Dmitry Zhdannikov; Editing by Crispian Balmer)
