Russian oil companies have reduced the volume of drilling wells

10:05; 09 January 2025 year

From January to November 2024, Russian oil companies drilled approximately 6,960 new wells, which is 12.3% less than in the same period last year. The total drilling volume decreased by 1.2%, amounting to about 27,700 meters. This is written by https://www.kommersant.ru/doc/7422432">"Kommersant".

The largest declines were among Tatneft (1.7 times), LUKOIL (-21.9%) and Rosneft (-10.4%). However, Russneft and NOC showed growth of +48.5% and +22%, respectively. Gazprom Neft and Rosneft increased drilling volumes by 5.9% and 0.6%.

Experts interviewed by Kommersant attributed this decrease to rising costs for well construction, a voluntary reduction in production under the OPEC+ agreement and lower oil prices. The increase in the share of horizontal drilling to 70% (more than 80% in Western Siberia) shows that companies are investing more in fields that are already operating.

Despite the decrease in the number of new wells, the government expects oil production to remain at 518.521 million tons in 2024 and 2025.

Investment

Events

Niches and markets

Technologies and trends

Development infrastructure