Nearly all of Russia’s oil production will consist of the so-called hard-to-recover crude reserves unless the country speeds up and incentivizes exploration, Russia’s Deputy Energy Minister Pavel Sorokin said on Wednesday. “Almost 100% of our production will be hard to recover over the term of ten years,” Sorokin said, as quoted by Russian news agency TASS.
The hard-to-recover reserves will have much higher lifting costs than conventional reserves, according to the deputy energy minister. This is a problem for Russia, one…Russia’s Oil Reserves Are Becoming Increasingly Hard To Recover
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