14.02.2023, 17:31
Russia has drilled a record number of oil wells in ten years
Source: OREANDA-NEWS
OREANDA-NEWS Last year, Russian companies drilled a record number of wells in their oil fields for more than a decade, Bloomberg writes.
This explains how oil production in the country recovered in the second half of 2022, even despite the introduction of additional restrictions on its exports, the newspaper writes. Major Western companies, including BP, Shell and ExxonMobil, have previously refused multibillion-dollar investments in the country. Europe has also introduced a comprehensive restriction on the export of equipment, technologies and services for the energy industry to Russia. Nevertheless, by the end of 2022, Russian oil companies drilled wells to a total depth of 28 thousand kilometers. The total number of wells increased by almost 7 percent and exceeded 7800. Some of the most important Western oilfield service providers have not left the country. SLB and Weatherford International Plc continue their operations in Russia with some restrictions.
According to BST, the main problem for the Russian domestic oil industry is the acquisition of Western high-tech equipment. However, these problems are solved by importing through intermediaries in friendly countries or by searching for alternative suppliers in China, experts explain.
This explains how oil production in the country recovered in the second half of 2022, even despite the introduction of additional restrictions on its exports, the newspaper writes. Major Western companies, including BP, Shell and ExxonMobil, have previously refused multibillion-dollar investments in the country. Europe has also introduced a comprehensive restriction on the export of equipment, technologies and services for the energy industry to Russia. Nevertheless, by the end of 2022, Russian oil companies drilled wells to a total depth of 28 thousand kilometers. The total number of wells increased by almost 7 percent and exceeded 7800. Some of the most important Western oilfield service providers have not left the country. SLB and Weatherford International Plc continue their operations in Russia with some restrictions.
According to BST, the main problem for the Russian domestic oil industry is the acquisition of Western high-tech equipment. However, these problems are solved by importing through intermediaries in friendly countries or by searching for alternative suppliers in China, experts explain.
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