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Expert says export potential of Russian difficult oil extraction technology totals $11 bln

Latin America, Africa, the Middle East, Central Asia, and the Asia-Pacific region are the most promising directions for the export of Russian technologies

MOSCOW, May 26. /TASS/. Russia could capture up to 5% of the global oilfield services market of technologies for developing hard-to-recover (HTR) oil reserves, with export potential estimated at $11 bln, according to a presentation for the report by Director of the Competence Centre for the Technological Development of the Fuel and Energy Industry Oleg Zhdaneyev.

"Potential of Russian technologies (for hard-to-recover oil for export): +$11 bln. Up to 5% of the global oilfield services market," the document reads.

"The whole of domestic HTR development technologies we are developing is significant not only for the domestic market. It is a fully-fledged export product. The global market for HTR technologies is worth over $300 bln, and Russia can and should capture a significant share of this market, given the enormous technological advancement that already exists," Zhdaneyev said.

Latin America, Africa, the Middle East, Central Asia, and the Asia-Pacific region are the most promising directions for the export of Russian technologies, he noted.