Russia may lose up to 40 percent of its annual oil production by 2035 if it does not take measures to stimulate it, Roman Panov, the CEO of Russia's Rosgeologia state company (Rosgeo), said in his presentation prepared for the Geologorazvedka-2018 forum
MOSCOW (Pakistan Point News / Sputnik - 24th October, 2018) Russia may lose up to 40 percent of its annual oil production by 2035 if it does not take measures to stimulate it, Roman Panov, the CEO of Russia's Rosgeologia state company (Rosgeo), said in his presentation prepared for the Geologorazvedka-2018 forum.
"In case of failure to take measures for the reproduction of natural minerals and raw material reserves by 2035, Russia may lose up to 40 percent of annual oil production," the presentation for the forum, which is set to start later on Wednesday in Moscow, reads.
In his presentation, Panov forecasts two scenarios for oil production in Russia for the time period up to 2035. According to the optimistic scenario, oil production will decline from 547 million tonnes in 2017 to 410 million in 2035. The pessimistic scenario implies a reduction in production to 350 million tonnes by 2035.
The possible decrease in the oil production could be linked to the projected depletion of existing fields in Western Siberia, and might lead to a decline in the region's production from the current 300 million tonnes per year to 180 or even 146 million tonnes per year.
