Almost All Russian Oil To Become Tight In 10 Years - Deputy Energy Minister

Almost all oil produced in Russia will become hard to extract in a decade, Russian Deputy Energy Minister Pavel Sorokin said on Wednesday

MOSCOW (UrduPoint News / Sputnik - 24th November, 2021) Almost all oil produced in Russia will become hard to extract in a decade, Russian Deputy Energy Minister Pavel Sorokin said on Wednesday.

"In the next ten years, almost 100% of production will be tight, and (oil extraction) will be impossible without hydraulic fracturing," Sorokin told an oil conference.

Russia is currently developing a hydraulic fracturing fleet.

Sorokin said that beta field trials will begin in 2022, stressing that all elements of the complex will initially be Russian-made by at least 60% and eventually by 80-85%.

The Russian official expects that despite the global transition to green energy, hydrocarbons will remain the basis of the energy balance for the next 25-30 years. Moreover, given the greater complexity of oil production, he expects oil prices to increase.