World Oil Reserves Are Already Replenished by 90 Percent, Igor Sechin Said
Underinvestment occurs not only in oil production, but also in exploration, world reserves are already being replenished by only 90%, Rosneft head Igor Sechin said at the St. Petersburg International Economic Forum.
“Underinvestment occurs not only in production, but also in exploration, which has already led to an undercompensation of production by an increase in new reserves. The replacement is about 90%,” Sechin said.
He added that exploratory drilling is steadily declining, with a focus on deeper and deeper waters.
Now, according to Sechin, the average size of discoverable fields in the world is about 15 million tons of oil equivalent, which is not comparable to the giant discoveries of the 1970s in Saudi Arabia, Siberia in Russia, the United States.
The St. Petersburg International Economic Forum (SPIEF) takes place on June 14–17. RIA Novosti is the media partner and host photo agency of the forum.
