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Russian hydrocarbons remain among the most competitive globally and over 50% of total production is profitable even against the oil price of $20-25 per barrel, Deputy Prime Minister Alexander Novak said in his article in the Energy Policy magazine.
“Hydrocarbons lifting cost in Russia is among the lowest globally. Over 50% of Russian production remains competitive even when the oil price is within $20-25 a barrel. Therefore, Russia will be able to keep the demand for its oil resources as long as possible and can even increase the share on international markets of fossil fuels in certain scenarios,” Novak said.
Tight oil reserves currently account for at least 17% of oil reserves in Russia, the official said. The incremental production of such reserves will reach 45 mln tonnes by 2030 at the same time.
