Russia is Drilling More Oil Wells
Experts explain the increase in drilling by the need to maintain black gold production in old deposits.
The dynamics of oil well drilling in Russia for 10 months of 2023 shows an increase of 12% compared to 2022 data, to 7,250 wells. Also, an increase in drilling was recorded at the end of 8 months (by 14.4%) and 9 months (by 14%). An increase in oil drilling has been observed since February of this year; in October the growth rate slowed down slightly, the Vedomosti newspaper writes, citing sources.
Analysts also note the high growth rate of oil drilling in Russia, explaining this by the fact that OPEC+ restrictions will someday be lifted, and Russian oil workers want to be fully armed at this moment. In addition, the domestic oil industry needs many new wells to maintain production at fields, most of which are mature, especially in Western Siberia.
Let us remind you that by the end of 2023, Russia plans to produce 527 million tons of black gold, which is 1.5% less than the previous year. In 2022, Russian oil production reached 535.1 million tons, an increase of 2%.
