Change of MET on oil might terminate the extraction at low level-profitable deposits

​Any movement by MET might lead to the termination of extraction at low-profitable oil deposits, the Minister of Economic Development, A. Ulyukaev, said.

“All over the world the normal way of development of the oil sector is the maximum use of mature deposits which give oil today, without the escalation of expenditure on the shelf, shale, sand. It can be done later. The Western Siberia is our primary place of mature deposits. About 25 deposits are on the edge of profitability. Any movement by MET means the reduction of geological exploration works, termination of drilling, oil extraction termination”, Ulyukaev said.

According to him, it is necessary to focus on the growth of extraction level at old deposits.

“On the one hand, it is means the least expenditure, on the other – it will provide a better budget efficiency, and third, this is a 100% order to be placed at the Russian companies”, he said.