Russian oil companies set a record pace of drilling in 2023, despite the fact that the country has agreed with OPEC + on longer cuts in the production of oil resources. This is reported by Bloomberg. Bloomberg writes that from January to June, Russian companies drilled 14.7 thousand kilometres of development wells in Russia, which […]
Russian oil companies set a record pace of drilling in 2023, despite the fact that the country has agreed with OPEC + on longer cuts in the production of oil resources. This is reported by Bloomberg.
Bloomberg writes that from January to June, Russian companies drilled 14.7 thousand kilometres of development wells in Russia, which is 6.6% more than planned. Also, according to the agency, these figures increased by 8.6% than in the same period in 2022. In addition, the publication notes that the record drilling rates are taking place against the backdrop of declining production of oil resources.
The agency emphasises that Russia’s high level of development drilling is not necessarily any signal that it is complying with the promised cuts. The country may be laying the groundwork to increase production after the OPEC + agreement expires next year, Bloomberg notes.
“Exploratory drilling doesn’t increase production immediately, but it helps build up future production capacity, which is exactly what Russian producers are doing now,” Bloomberg quotes an expert as saying.
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Russian oil companies set a record pace of drilling in 2023, despite the fact that the country has agreed with OPEC + on longer cuts in the production of oil resources. This is reported by Bloomberg. Bloomberg writes that from January to June, Russian companies drilled 14.7 thousand kilometres of development wells in Russia, which […]