Russia prepared for difficulties with oil production: Markets: Economy: Lenta.ru
In 10 years, the oil produced in Russia will greatly decrease, and almost all reserves will become hard-to-recover, predicted Pavel Sorokin, deputy head of the Ministry of Energy. He is quoted by TASS…
“We have nearly 100 percent of productivity on the horizon for ten years to be hard-to-recover,” he said. A government spokesman said that the deterioration of the situation will require stimulating oil production in Russia, as well as geological exploration.
It is expected that the sources of the global energy balance will remain in the next 25-30 years. He noted that in the future, proceeds from their sale may fall, as well as dividend payments from oil and gas companies in Russia. On the other hand, the industry retains investment and jobs. “This is more important,” concluded Sorokin.
In October, the Ministry of Finance predicted that Russia’s long-term dependence on oil and gas should decrease. By 2036, the share of oil and gas revenues in the federal budget will drop below 25 percent. As explained in the department, the decline in oil and gas budget revenues in the long term due to a decrease in the raw materials sector itself in the structure of GDP. The Ministry of Finance notes that this is due to a corresponding increase in depletion. This study also assesses that in the long term the forecast for oil could be catastrophically reduced against the background of the energy transformation of the countries of the world.