Russian service sector: technology's role in keeping oil production above 10 million b/d
How can Russia maintain oil production above 10 million b/d until 2035? One solution lies in tapping foreign and domestic technology potential. With two-thirds of recoverable remaining ABC1 reserves defined as hard-to-recover by the Russian state, focus is shifting towards unlocking the potential of deeper, low-permeability formations out to 2035. Many technological factors could help maintain liquids production above 10 million b/d. But we think that five are key: increasing horizontal drilling and hydraulic fracturing, replacing old drilling rigs, acquiring heavier rigs and improving completion at the hard-to-recover Bazhenov formation. Russia has the reserves, it has the strategy and it has the political support to keep oil production flat out to 2035. It just needs the right technology available at the right time to efficiently reap the rewards of its subsurface potential.