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NOVO OGAREVO, February 13 (Itar-Tass) – The Russian Federal Agency for the Management of Mineral Resources called for increasing the volume of exploratory drilling 2.5 times.
The Agency’s Head Alexander Popov said on Wednesday, February 13, that if this is not done, oil production in Russia would drop to 360 million tonnes by 2030.
He noted that new fields account for only 15 percent of hydrocarbon (oil) reproduction in Russia.
Popov believes that licenses should include exploratory drilling requirements and that stimuli be created for boosting such drilling.