"Without the large-scale application of new technologies, oil production in Russia will begin to decline in 2016-17, according to a report by LUKoil on the main trends in the development of global markets for oil and gas in the period until 2025.
A characteristic of a majority of Russian deposits is the natural drop in production with the depletion of reserves. A large amount of extraction is being done in Western Siberia. "To overcome the natural drop in extraction it is necessary to launch three to four deposits annually that are comparable to the Vankor deposit," the LUKoil report said, Interfax reported.
Only at the end of last year were licenses distributed for the development of major fields — Lodochnoye in Krasnoyarsk Territory, and Shpilman and Imilor in Khanty-Mansiysk Autonomous District. "Consequently, the opportunity to launch new major deposits in the mid-term perspective will be limited," LUKoil said."
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