In “Surgutneftegaz” has named the third of its deposits unprofitable

The development of more than 30% of oil deposits “Surgutneftegaz” — one of the largest Russian oil and gas companies is unprofitable. About this at a roundtable in the state Duma, said the chief geologist of “Surgutneftegaz” Vyacheslav Chirkov, reports “Interfax”.

“We are not reducing exploration drilling, seismic survey, but the reserves are difficult to recover. To date, more than 30% of all producing fields of the company is unprofitable,” — said Chirkov.

According to him, all the stocks “Surgutneftegaz” can be divided into two groups: depleted and new-to-recover reserves. “All the oil “Surgutneftegaz” without new technologies, without methods of enhanced oil recovery to develop,” said the geologist.

He also noted that if the current tax system will continue, the share of unprofitable deposits will rise to 50 by 2020.

“For five years, the number of unprofitable oil fields under the current tax regime has increased from 14 to 22. But we continue to develop them. According to our estimates, if current fiscal conditions in 2020 will be 50 unprofitable fields,” he said.

On 18 March, the newspaper “Vedomosti” referring to two Federal officials reported that “Surgutneftegaz”, “Rosneft” and “Gazprom oil” can receive new tax incentives for four large fields in Eastern Siberia and the Yamal Peninsula. According to interlocutors of the newspaper, the energy Ministry has approved applications for Yuzhno-Talakanskoye field of Surgutneftegaz, srednebotuobinskoye field of “Rosneft” and Vostochno-Messoyakhskoye and Kuyumbinsky — its joint venture with “Gazprom oil”.

Previously, said the sources, nine oil fields, including the field of “Surgutneftegaz” have received benefits for extraction of 86.6 million tonnes.

1 March in the Kremlin hosted a meeting of heads of eight major Russian oil and gas companies with Russian President Vladimir Putin. Businessmen have asked the President to maintain a stable existing tax system for the industry, and also agreed with the idea of freezing the oil at the level of January 2016 to comply with the agreements with OPEC to support higher oil prices.

In late February, Bloomberg estimated that “Surgutneftegaz” became the only one of the largest companies in the world that continued to bring profit to the investors after the collapse in oil prices. The Russian company has bypassed on this indicator of Exxon Mobil and Shell.