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Fracking technologies help Russia beef up production by 5 to 10 million tons a year

December 12, 2013, 20:58 UTC+3 MOSCOW
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MOSCOW, December 12. /ITAR-TASS/. Hydraulic fracking technologies have helped Russia to increase production of oil by 5 million tons to 10 million tons a year, Sergei Vakulenko, the chief of strategic projects department at Gazprom Neft company said Thursday at a business forum hosted by the Moscow-based Kommersant Daily.

The assimilation of shale extraction technologies has helped Russian companies to begin extraction of hydrocarbon resources that were formerly classified as “hard to recover” and represented dormant assets on the developer companies’ registers.

Sergei Vakulenko voiced the confidence that the annual output of crude oil in Russia may reach 515 to 520 million tons in the new situation versus the previous 505 million tons.

He said that the Russian oil producers had shown once again they “really know a thing or two.

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