Russia, one of the world’s largest oil producers, is planning to create a Fund nezaboravnim new oil wells for the rapid restoration of oil production. Do shale companies in the US awaiting sufficient to cover the cost of oil prices – creating a supply of the prepared wells, ready to work.
the Shale oil, the US is known for its flexibility — at a price of over 50 dollars per barrel take out loans, rapidly rising and falling price of oil gradually can bore and reduce production, and the weakest go bankrupt.
One of the authors of implementing this idea in Russia became Deputy Minister of energy Pavel Sorokin, a former oil and gas analyst at the American investment Bank Morgan Stanley. Sorokin explained to Reuters that the support of the Russian petrol companies now will keep to create the necessary Fund for unfinished wells, ready to run at the right time.
globally, the oil and gas company in a period of falling demand and fuel prices – in previous recessions and now — reduce drilling and exploration of new deposits.
Therefore, the government of the Russian Federation plans to support the drilling of preferential loans in the amount of 400 billion rubles for the establishment of the Fund the unfinished wells.
“Now with the Ministry of Finance finalized the incentive mechanism in the amount of refinancing that will be applied after entering the wells on production to reduce the cost of ownership well in her unproductive period,” — said Sorokin.
to Drill wells in Russia is harder than in Saudi Arabia and the US, the largest suppliers of oil in the world, said Director for exploration and production of oil and gas VYGON Consulting Sergey Coil. Consequently, pursuant to the agreement, OPEC+ on the reduction of oil production, Russia should be able to respond flexibly to changing situations – a sharp increase in demand and oil prices. A number of wells in Russia, which suspended production for a long time, can be closed all because of the peculiarities of national deposits.
Support oilfield service companies in Russia preferential loan of 400 billion rubles will allow to drill 3 thousand wells, estimated at VYGON Consulting, which does research for Russian ministries.
According to the Minister of energy Alexander Novak, the company will drill wells next 2 years until there is an agreement on production cuts, which will end in April 2022.
performance stock of oil production in Russia has 180 thousand wells that allowed in 2019 to produce at least 11.3 million barrels per day, according to the Ministry of energy. Some of them may be closed due to conservation at the time of the transaction OPEC+. New neoboutonia wells will potentially allow you to produce at least 2 million barrels a day. Now Russia’s agreement with OPEC+ reduces production by 2 million barrels a day.
March 6, 2020, it became known about the termination of previous agreements OPEC+ 1 APR. In the end, oil prices fell more than 2 times. But OPEC countries and other States, headed by Russia, April 10-12, 2020 agreed to gradually remove from the market the surplus of oil starting may 1. In the end, the framework of OPEC+ 23 countries agreed to cut production together at 9.7 million barrels per day in may-June. 9 more countries outside OPEC+ announced plans to reduce production to maintain a transaction — by 3.6 million barrels per day.
In June, the agreement was extended in July 2020. Then the reduction of oil under the agreement will be reduced to 7.7 million before the end of the year and then 5.8 million by the end of April 2022. During the transaction on March 6, the price of oil on world markets has increased in 2 times.