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Debts of largest US shale companies reach $150 bln — Rosneft CEO

Russia’s Energy Minister Alexander Novak said in an interview with Rossiya 24 TV channel that the decline in shale oil production is a steady trend of recent months

© AP Photo/Gregory Bull, File

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VERONA, October 22. /TASS/. The debts of the largest US shale companies reached $150 bln, Rosneft CEO Igor Sechin said Thursday.

"The total debt of only 25 companies engaged in the extraction of shale oil reaches about $150 bln," he said.

Earlier, Russia’s Energy Minister Alexander Novak said in an interview with Rossiya 24 TV channel that the decline in shale oil production is a steady trend of recent months. In the last three months shale oil production decreased by 300,000 barrels. According to Novak, investment volume reduces due to lower prices; the number of drilling rigs in the United States reduced by roughly 50% - a year ago there were 1600 drilling rigs, now only about 600.

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Oil & Gas Shale gas

Russia considers launching direct flights with Brazil, Malaysia, Pakistan — Minister

Roman Starovoyt noted that Russia is holding negotiations with many airlines from friendly countries

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