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October 23, 2017

Kirill Molodtsov: “The end goal isn’t oil production volume, but technologies”

Russian Deputy Minister of Energy Kirill Molodtsov said at the plenary discussion ‘Increasing the Efficiency of Oil Extraction: Meeting the Challenges’ during Russian Energy Week that there has been an increase in the production of hard-to-recover oil reserves in recent years.

“We expect to extract roughly 80 million tonnes of hard-to-recover reserves by 2035. The volume of hard-to-recover reserves extracted over the last 3 years has increased annually by 9% on average”, Molodtsov said.

Molodtsov stressed that in the current situation “the end goal isn’t oil production volume, but technologies”. “Horizontal drilling in Western Siberia is has increased by about 30% compared with 2015. We are actively using technologies associated with the development of hard-to-recover reserves. Technologies are being developed by all concerned companies, both vertically integrated companies and purely mining companies”, Molodtsov said.

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