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Russia lacks swing producer flexibility, slow to revive oil output
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Russia lacks swing producer flexibility, slow to revive oil output
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Russia boosted Bazhenov tight oil output by 70% in 2020 Bazhenov may have 18-60 bln tonnes of hydrocarbons - Gazprom Neft
MOSCOW, Feb 18 (Reuters) - Russian companies have reduced the cost of extracting oil from shale but not by enough yet to make it viable to exploit crude from reserves locked in rocks in the Bazhenov formation in West Siberia, analysts say.
Russia is pinning its hopes on hard-to-recover oil, hidden beneath non-porous rocks, such as at Bazhenov, as conventional oil reserves in West Siberia, its main oil-producing area, are falling.
Gazprom Neft estimates that the reserves of the light, low-sulphur and low-viscosity Bazhenov formation stand at between 18 billion and 60 billion tonnes.
Oil prices climbed more than 4% on January 5 after OPEC+ reached an unusual production quotas agreement, with Saudi Arabia committing to cut the kingdom’s oil production by one million barrels a day while Russia and Kazakhstan were allowed to modestly increase production.
“Saudi Arabia agreed to cut and Russia and Kazakhstan were allowed to increase production. Obviously, it is usual development,”
Alexei Kokin, a senior oil and gas analyst at UralSib Financial Corp in Moscow, told New Europe by phone on January 6.
Following the meeting of the Organization of Petroleum Exporting Countries and other major oil producers led by Russia, a group known as OPEC+, the countries participating in the agreement decided to extend the current level of oil production cuts for February and March 2021, Kazakhstan’s Energy Ministry said in a statement. “At the same time, separate conditions were agreed for Kazakhstan and Russia, providing for a phased increase in production in this perio