By 2030, we need to start producing up to 230 million tons of oil per year.
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To maintain the current level of oil production, Russian companies need to commission fields with a potential volume of 130–230 million tons per year by 2030 against the backdrop of a reduction in the share of traditional reserves. This is stated in the presentation of the consulting company Yakov and Partners (available from Vedomosti). For such an increase in production, it is also necessary to increase investment in geological exploration and development of deposits, experts say.
According to Yakov and Partners analysts, oil production at most of the exploited fields in Russia is now declining due to the high level of depletion (in some – more than 85%). “Companies annually ensure an increase in oil reserves in a volume no more than is necessary to replenish current production. The forecast for a decrease in reserve growth in 2023 is 8.3%,” the presentation notes.
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