Russia Able To Ensure Significant Oil Output Growth - Rosgeologia

Russia Able to Ensure Significant Oil Output Growth - Rosgeologia

Russia is capable to ensure a significant oil output growth, Anton Sergeev, adviser to the director general of Russian state exploration company Rosgeologia, told Sputnik on Monday.

MOSCOW (UrduPoint News / Sputnik - 08th October, 2018) Russia is capable to ensure a significant oil output growth, Anton Sergeev, adviser to the director general of Russian state exploration company Rosgeologia, told Sputnik on Monday.

Last week, Saudi Crown Prince Mohammed bin Salman said in his interview for the Bloomberg news agency that oil production in Russia might drop dramatically or even stop in the coming 19 years.

"It's absolutely unclear what these forecasts were based on. The proved oil reserves alone will be sufficient for at least 30 years, if the output is maintained at its current level. Obviously, our country has every opportunity to ensure great surplus due to the continental shelf which is in fact almost 'unopened.' Moreover, there are very promising regions in the Western Siberia the Gydano-Khatangskaya area, the Leno-Tungus province, there are also the deep formations of the Volga-Ural [oil and gas province], Prikaspiy and Western Siberia, and there is also the supplementary exploration of those areas of the subsurface that are already being exploited," Sergeev said.

He added that these factors secure the maintenance of oil output at annual levels sufficient for 30 years.

"And this is what happens now. Every year, we secure a simple reproduction the surplus level is higher than the output level," Sergeev said.

On Wednesday, Russian Energy Minister Alexander Novak said that Russian oil production stood at an average of 11.35 million barrels per day in September, emphasizing the possibility for further increase.

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