Bloomberg reported an increase in the pace of oil drilling in Russia

From January to June, Russian oil companies drilled more than 14.7 thousand km of production wells. This is 6.6% more than planned and 8.6% higher than in the same period in 2022. Bloomberg. Record drilling rates are observed against the backdrop of Russia’s decision to reduce oil production.

According to experts, the increase in drilling does not directly lead to an increase in oil production, but it contributes to future production capacity. Russia may lay the groundwork for an increase in production after the deadline for voluntary cuts is completed, the agency writes.

In addition, according to Bloomberg, as oil fields age, more intensive drilling rates are required to maintain the same level of productivity.

In February, Deputy Prime Minister Alexander Novak informedthat Russia in March will reduce oil production by 500 thousand barrels per day (b / s). The cut was then extended until the end of 2023. According to Mr. Novak, production this year will decrease by 20 million tons, to 515 million tons. At the same time, Russia, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and other OPEC+ countries agreed to reduce production in May by a total of million bpd.

Lusine Balasyan