Reduce the cost of exploration will lead to the reduction of oil production

Now, exploration in the oil and gas sector is going through at the best of times, but work is continuing and there is even a large opening. Mistakenly believed that the land the richest deposits are already known. Thus, according to the Ministry of environment, the degree of knowledge of the West Siberian and Timan-Pechora basins neftegazonosnyh reaches 60%, and the Lena-Tunguska basin – 30%.

Photo: iStock Oil companies have evaluated the effect of digitalization

proof that large opening on land can still take place, was the discovery in 2014 somewhere in the impassable taiga in Eastern Siberia, and in Astrakhan region field is “Great”. It belongs to the class giant, with reserves of more than 300 million tons of hydrocarbons. The field has a very complex geological structure, industrial development has not yet begun, but this does not negate the importance of the discovery.

the head of the international practice group of KPMG for the provision of services to the oil and gas sector companies Anton Usov said that in Russia, very few new oil provinces. Now generally there is a further exploration of already known areas of subsoil. But further geological study of the needs in Eastern Siberia and the Arctic, although at the low prices their use and development is inappropriate.

Investments in exploration rose by almost 20 procentowy the far East and the Arctic will increase investments in exploration

Low oil prices caused the collapse of exploration projects on the shelf. Fortunately not all. In 2017 and 2018 in the sea of Okhotsk were discovered two large deposits of “Neptune” and “Triton”. The total reserves of the two fields are estimated at more than 500 million tons of oil equivalent. The commissioning of fields planned in the years 2026-2028.

SNthe decline in oil prices has led to cuts in investment in exploration of oil and gas companies. Given their fairly serious resource base and the ability to provide at its expense for a relatively long period (3-5 years) a high level of production, exploration of new sites of bowels was often sidelined. And it concerns not only Russian companies but also foreign. The decrease in exploration costs have already announced giants such as BP, Shell and Eni.

Photo: Ministry of environment is preparing tax incentives for exploration in the Arctic

State funding of geological exploration is also far from the volumes that are demanded by the industry. In 2019, the state-owned company “Rosgeologiya” opened 40 new fields, including those containing rare earth metals, gold, silver, oil, gas and diamonds. Exploration was allocated 25.5 billion rubles. For 2020, this amount increased to 29.2 billion rubles. According to experts, for the best growth stocks of the resource base of the country need to increase state funding of geological exploration at least two, and preferably three times. For this reason, in the beginning of 2020, the head of “Rosgeologia” Sergey Gorkov appealed to the Government of the Russian Federation with a request to allocate 65 billion rubles from the national welfare Fund in exploration to replenish reserves of natural resources. He then said that the mining company in five to seven years may face a shortage of capacity to carry out exploration work and, as a consequence, the risk of irreversible decline in mining.

Now the background of the expansion of the pandemic coronavirus and peak oil prices, the problems of exploration has faded into the background. But this does not negate their importance and the need to returnI to their solution after the stabilization of the situation on the oil market. Geologists can only congratulate with the professional holiday.