Expenditure on oil extraction in Russia fell from $5-7/barrels to $2.8 –Sechin

​The level of specific operational expenditure for oil extraction in Russia fell from $5.7/barrel in the past years to $2.8/barrel in the current prices, Rosneft’s head, I. Sechin, said.

“I draw your attention to the fact that the largest oil extraction projects of Russia are in a better state than their main competitors and are quite comparable with the projects of the Persian Gulf. The level of expenditure for oil extraction in Russia made up $5-7/barrel in the past years, and in the current prices, taking into account the rouble’s weakening, it fell to $2.8/barrel”, he said.

According to Sechin, it allows us to hold supplies even at the lowest prices, and partners that decided to enter the Russian assets – to hope for a beneficial return of investment.

The existing assessments of the potential of oil extraction in Russia are significantly higher than the reached today levels, he added.