Marcel Salikhov, President of the Institute for Energy and Finance, commented to the Izvestia newspaper on the oil exploration in Russia and in the world.
The main reason for the decline in exploration is that the main promising areas have been explored for a long time, Marcel Salikhov explains.
Salikhov believes that, despite the smaller number and quality of discoveries, there are reserves for increasing or at least maintaining production levels in the future and they are associated with technological progress.— The probability of finding new large deposits is quite low. The main ones were discovered back in the 1950s and 1970s of the last century. For example, the largest field in Saudi Arabia (Gavar) was discovered in 1948, and production began there in 1951. The main increase in reserves in the world, as in Russia, is due to the revaluation of reserves in already discovered fields. The development of new technologies leads to the fact that stocks can be reviewed. Oil prices also have a long—term impact on the size of reserves - the higher the price, the more complex and expensive technologies can be used in development. Accordingly, there will be more recoverable reserves, the expert says.
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