St. PETERSBURG, June 17 Underinvestment occurs not only in oil production, but also in exploration, world reserves are already replenished by only 90%, said Rosneft CEO Igor Sechin at the St. Petersburg International Economic Forum.
“Underinvestment occurs not only in production, but also in geological exploration, which has already led to an undercompensation of production by an increase in new reserves. Replenishment is about 90%,” Sechin said.
He added that exploratory drilling is steadily declining, with an emphasis on deeper and deeper waters.
Now, according to Sechin, the average size of discovered fields in the world is about 15 million tons of oil equivalent, which is not comparable with the giant discoveries of the 1970s in Saudi Arabia, Siberia in Russia, USA.
The St. Petersburg International Economic Forum (SPIEF) takes place on June 14–17. is the media partner and host photo agency of the forum.
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