Novak: investments of major companies in oil production can grow


Vertically integrated oil company, as reported by the energy Minister of Russia, has increased capital investments in extraction of raw materials by 2.1% compared to 2014 year — on-year to 1,007 trillion rubles.

MOSCOW, 24 Dec. Vertically integrated oil companies (VIOCs) in 2015, according to preliminary data, increased capital investments in oil production by 2.1% compared to 2014 year — on-year to 1,007 trillion rubles, told journalists the Minister of energy Alexander Novak.

Production drilling grew by 11.5% and amounted to 22.1 million metres of exploration — decreased by 18.5% and amounted to 810 thousand meters.

The growth of oil reserves by the results of geological exploration in 2015 is expected to reach 710 million tons, while in 2014 the growth was 775,9 million tons.

The volume of associated petroleum gas utilization in Russia in 2015 has increased to 88% from 85.5% a year earlier.