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The Federation Council Discussed the Use of New Technologies in Oil Production

     First Deputy Chairman of the Federation Council Committee on Economic Policy, Yuri Fedorov, held a round table discussion on “Application of new oil production technologies”.
     The event was attended by representatives of the Ministry of Energy of the Russian Federation, industry companies and experts.
Russia ranks eighth in the world in terms of proven oil reserves, Yuri Fedorov noted. “The main factors determining the development of oil production are: the quality of proven raw material base, the use of new technologies to increase oil recovery coefficient, the level of oil prices on world markets, tax policy, and infrastructure development."
       According to the senator, 77% of the proven reserves are located in the fields being developed. They are characterized by a high degree of development. 67% are hard-to-recover stocks.
      During the meeting on May 17 on the development of oil industry, the President of the Russian Federation noted that despite the actions of our partners abroad, the oil and gas sector occupies a stable economic position. Yuri Fedorov recalled: “The President stressed that this should not discourage our companies. Changes in the oil market are tectonic in nature, and it certainly seems unlikely to do business as before, according to the old model.”
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