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Company in Mass Media

Rus-Oil budgets $55-60 per barrel as an oil price in 2017

05.10.2016. http://burneft.ru/main/news/15031

The Rus-Oil oil producing company operating fields located in the KhMAD has budgeted $55-60 per barrel as an oil price in 2017. This was announced during an interview given to TASS at the Sochi-2016 International Investment Forum by the company’s head Sergey Podlisetsky. ‘We believe that the average price is to be $48-49 (in 2016, editor’s comment). Optimistically, $60’, - he says. According to his words, the company has not adjusted this rate.

In 2014-2015, the company reduced investments in drilling operations due to the three-fold drop of oil price. ‘Such decisions were particularly tough when the oil price dropped down to 28 (US dollars per barrel, editor’s comment). Do you remember this period? And, well, it is clear that we had to adopt a program of costly operations, - says Mr. Podlisetsky. Yet, according to him, due to the reduction in costs, the company has managed to reach the prime-cost production at a level of $4.2-4.7 per barrel.

In addition, the company targets at increasing the production output up to 4.2 mln. tons in 2016 from 3.5 mln. tons in 2015. Rus-Oil is established in March 2013. The company develops fields in the Khanty-Mansiysk Autonomous District. The oil production reserves of the company are estimated at 147 mln. tons as per data by DeGolyer for 2016.