MOSCOW, May 12. /TASS/. More than half of Russia’s oil production by 2030 will rely on hard-to-recover reserves, and large-scale development of these resources will require adjustments to the tax regime as well as government support for relevant technologies, Gazprom Neft CEO Alexander Dyukov told reporters.
He noted that Russia’s Energy Strategy through 2050 places significant emphasis on hard-to-recover reserves, and in his view, this focus is entirely justified. "By 2030, more than half of Russia’s new oil production will be sourced from hard-to-recover reserves. At Gazprom Neft, these reserves already account for over 60% of total production. We are proficient in working effectively with many types of hard-to-recover reserves," Dyukov said.
"However, broadening their development will require a corresponding state policy. Adjustments to the tax regime are needed to incentivize the development of hard-to-recover reserves," he added.
The Gazprom Neft chief added that oil reserves will become increasingly complex to extract, driving greater demand for new technologies in the oil sector. "This is why state support is needed for technological development, in order to encourage oil and related companies to invest in R&D, conduct pilot industrial testing, and scale up the deployment of new technologies," Dyukov emphasized.
Russian Deputy Prime Minister Alexander Novak said earlier in his article for Energy Policy journal he believes that increasing Russia’s oil production to 540 mln tons will require the large-scale development of hard-to-recover reserves, and adjusting the fiscal system will be necessary to incentivize their development.
"In the coming years, we plan to return to an annual production level of 540 mln tons of oil. This figure is expected to be maintained through 2050. Achieving this will require timely replenishment of the resource base, primarily through the integration of greater volumes of hard-to-recover reserves and the deployment of more advanced technologies," Novak noted.
He emphasized that, at present, hard-to-recover, waterlogged, and depleted reserves account for about 60% of Russia’s total oil reserves.
According to Russia’s Energy Strategy through 2050, the country is expected to reach an oil production volume of 540 mln tons by 2030 and maintain that level through mid-century. Meanwhile, the Ministry of Economic Development forecasts that this production level could be reached as early as 2028.