When Lukoil, Russia's second largest oil producer, loaded its first tanker of Canada-bound crude from its new export terminal in the Arctic port of Varandei earlier this month, the barrels of oil came from a promising new Russian oil province, Timan Pechora, in Russia's far north.

"Timan Pechora for Lukoil is going to be a strong driver of growth," Andrei Gaidamak, head of the company's investor relations, told a conference.