Lack of investment in Russia could risk global supplies, WPC hears
The World Petroleum Congress heard that lack of investment could risk the Russian oil industry's status as a large fossil fuel supplier
Russia's abundance of natural resources has made it an energy-producing powerhouse. However, its position as one of the world’s largest fossil fuel suppliers is under threat from a lack of investment in its ageing oilfields. And this, delegates to the World Petroleum Congress (WPC), held in Moscow in June, were told could put global supplies at risk. Mikhail Shamolin, president of Russian conglomerate Sistema, told WPC delegates: “The Russian oil and gas industry plays a crucial role on a global scale and domestically. “It (the industry) is of the utmost importance to the wellbeing of the country and systematic changes need to be made to encourage exploration. Especially given that companie

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