The oil producers are moving to the new drilling schemes.
In H1 2014 the volumes of oil drilling in Russia decreased by 7% for the first time since the crisis in 2009. "Surgutneftegaz", a traditional leader in the industry in terms of drilling had the most noticeable drop - 18%. There is no threat to oil extraction yet, the analysts believe, RBK daily informs.
Since 2003 the production drilling in the oil industry increased by almost 2.5 times to 20.8 million cubic meters following the results of 2014 in Russia. During these ten years the oilfield services market significantly reduced their speed only once - in the crisis year of 2009 (a 3.5% decrease), but a year later the amount of drilling increased by 17.3%. The current 2014 risks becoming a disaster for most drillers since the early 2000s. In Russia In H1 the volume of drilling decreased by 7% compared to the same period last year, according to Russia's largest drilling company Eurasia Drilling Company (EDC) with reference to the Central Dispatch Department of the Fuel and Energy Sector. Anton Fedotov, the Bank of America Merrill Lynch analyst, has the same data: in H1 2014 the volume of drilling in Russia amounted to 9.76 million m – this is 92.8% over the same period of 2013.
