DUBLIN, June 13, 2014 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/zjt3k9/west_siberias) has announced the addition of the "West Siberia's Tight Reserves: 2014 Report" report to their offering.
The depletion of resource base will hardly permit Russia to maintain oil production on the level of over 500 million per year over the next decade from conventional sources. After peaking in 2007-2008, oil production in the country's major oil producing region, the Khanty-Mansiysk Autonomous District, turned to decline and fell by more than 7% to annual 255 million t in 2013.
In 2013, the Khanty-Mansiysk Autonomous District lost its status as the region contributing over one-half to Russia's total oil output. It is not worth hoping for trend reversal in the near future. According to industry forecasts, oil production in the Khanty-Mansiysk Autonomous District will be declining until 2019.
However, after 2019 the region has chances for growth. According to the EIA latest appraisals, Russia is the world leader in terms of shale oil resources, most of which are located in the Khanty-Mansiysk Autonomous District. According to forecasts, it will take the Khanty-Mansiysk Autonomous District around 5 years to develop its tight oil reserves which currently constitute some 70% of the district's allocated and unallocated subsoil funds.
This, however, will require resolving both financial and technological issues. Acceptance commercial viability of tight oil production is to be achieved through MET favors which took effect from 2014.
As regards the choice of production methods, the answer is not that obvious. Booked reserves of tight oil are located in the Bazhenov, Tyumen and Achimov formations, pre-Jurassic complex, 'Ryabchik' and other reservoir types. Although they are all collectively attributed to 'tight resources,' suitable development methods may differ radically. There is no universal approach, each fields has to be treated individually.
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SOURCE Research and Markets