MOSCOW (Pakistan Point News / Sputnik - 10th July, 2020) Oil production at Russian oil company Gazprom Neft's fields at Achimov deposits in Siberia does not make economic sense if oil prices are low, Director for Geological Prospecting and Resource Base Development Yuri Masalkin told Sputnik.
"Achimovka [Achimov fields] is one of the strategic bets in the company's long-term portfolio with giant resource potential. Our specialists estimate that its geological deposits may be more than 60 billion tonnes of oil equivalent. In 10 years, Achimov fields could ensure 30 to 50 percent of production from Gazprom Neft's new deposits. However, extraction at such difficult deposits does not make economic sense for now," Masalkin said, when asked if it would be progitable for the company to develop the Achimov fields while oil prices were low.
New technologies could help with the development of these deposits. Gazprom Neft is working on drilling and completion solutions for wells and hydraulic fracturing.
At the same time, the company is developing a new gas invasion technology that would use the gas extracted alongside oil. According to Masalking, this technology could double oil recovery factor.
