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Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Russia Bets on Shale Oil

With many Soviet-era oil fields in decline, Russia will need new sources by the mid-2020s if it wants to maintain production.

No significant shale production is expected before the mid-2020s. With the Bazhenov’s complex and varied geology and other risks companies face here, executives and analysts are wary of making output forecasts.

 The future of the Russian oil industry could lie in the vast Bazhenov shale formation, the largest in the world. Russia has become the biggest global producer of crude oil with almost no contribution from shale a sometimes technically difficult and expensive resource to pump.

Only Americans have really gotten shale right so far, but the Kremlin is taking the first steps to unlock Russia’s potential.

Companies like PAO Gazprom Neft are leading Moscow’s drive to replicate the U.S. shale boom, experimenting with a uniquely Russian, state-controlled approach to fracking that contrasts with the free-for-all among independent producers in Texas and North Dakota.

The Kremlin is offering tax breaks for shale production and encouraging collaboration among companies and other players such as research institutes, hoping that fracking can help stave off a reckoning for its oil industry.

Vashkevich, who worked on the Bakken Shale formation in North Dakota for Hess Corp., said Russian shale will develop in a fundamentally different way from U.S. counterparts.

 

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Parvin Faghfouri Azar
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Russia Bets on Shale Oil

With many Soviet-era oil fields in decline, Russia will need new sources by the mid-2020s if it wants to maintain production.
Parvin Faghfouri Azar
No significant shale production is expected before the mid-2020s. With the Bazhenov’s complex and varied geology and other risks companies face here, executives and analysts are wary of making output forecasts. The future of the Russian oil industry could lie in the vast Bazhenov shale formation, the largest in the world. Russia has become the biggest global producer of crude oil with almost no contribution from shale a sometimes technically difficult and expensive resource to pump.Only Americans have really gotten shale right so far, but the Kremlin is taking the first steps to unlock Russia’s potential.Companies like PAO Gazprom Neft are leading Moscow’s drive to replicate the U.S. shale boom, experimenting with a uniquely Russian, state-controlled approach to fracking that contrasts with the free-for-all among independent producers in Texas and North Dakota.The Kremlin is offering tax breaks for shale production and encouraging collaboration among companies and other players such as research institutes, hoping that fracking can help stave off a reckoning for its oil industry.Vashkevich, who worked on the Bakken Shale formation in North Dakota for Hess Corp., said Russian shale will develop in a fundamentally different way from U.S. counterparts. 
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