The Russian oil industry is on the big investments threshold

Alexey Gromov, Principal Director on Energy studies at the Institute for Energy and Finance, commented on the main investment priorities of the Russian oil industry for the foreseeable future to the Neft and Capital Internet portal.

Alexey Gromov said that the main attention of investors will be focused on the Russian oilfield service, as well as exploration, and specifically in the new oil provinces. He stressed that the companies are only conducting additional exploration of already known deposits.

"There can certainly be projects in new oil provinces. We need to work in the Arctic zone, in Eastern Siberia, in the Far East. But an increase in the scale of exploration needs to be done by the state, since no company has the ability to search for new oil provinces. These are too high costs and risks. Let me remind you that almost 99% of the large fields providing oil and gas production in Russia are projects that took place thanks to large-scale geological exploration back in the USSR," the expert explained.

According to Alexey Gromov, the country's oil industry needs new technological solutions in the face of sanctions. Without a modern oilfield service, it will not be possible to successfully increase the oil recovery coefficient and production level. Given that we have an increasing share of TRIZes, corporate investments will largely go to the development of new secondary and tertiary methods of oil extraction.

"A significant share of investments should also go into oil refining, which until recently was modernized almost entirely at the expense of Western equipment, and now, when refineries need repair after attacks by Ukrainian UAVs, access to such technologies is closed. We need to look for our own technological solutions, and urgently," the analyst believes.