In order to keep the amount of oil production at least at the current level in the future, Russia needs to introduce 125 million tons of new oil capacity by 2030, and to introduce technological innovations for the industry to remain competitive.
The decline in production at existing fields is a natural process. However, in the long term until 2025, there are no serious reasons for concern: the investments already made, as well as the fields explored and involved in industrial development, will assist to keep the amount of oil production at the existing level. But then the forecast is much less certain. And, first of all, this is not due to oil reserves as such, but to the fact that over time the industry becomes less competitive.
The cost of renewable energy is declining, for example, the kilowatt of solar energy over the past 15 years has fallen in price by 10 times. In order for the oil sector of our country, which is extremely important for Russia, to maintain its economic viability, it needs to become more efficient both by optimizing existing production processes and by introducing technological innovations.
Steps in this direction require not only finance, but also time. Both can and should be reduced through technological partnerships with other energy companies, whereby R & D costs will be divided into a larger number of interested market participants, who as a result will solve their technological problems faster and with much less financial losses.
