Russia looks to unconventional oil as oilfields age
The Bazhenov formation in West Siberia could be the world's largest oil reservoir. Will it deliver?
Russia, the world's biggest oil producer, needs a Bakken-style production bonanza of its own. West Siberia's conventional oilfields, the bedrock of decades of supply, are ageing. Output of around 11 million barrels a day (b/d) has already defied forecasts, but analysts expect it to ebb steadily away from this high-water mark in the next few years. Soon, the country will hand its position at the top of global crude supply to the US. Unconventional oil, believes the Kremlin, could solve the problem, helping the country's energy industry meet a government target to keep output at present levels until 2030. And Russia has lots of unconventional oil. The US' Energy Information Administration (EIA
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