CEO: Russia’s Gazprom Neft reserve quality halves over 2 yrs

MOSCOW, Apr 17 (PRIME) -- The quality of reserves of Russian oil company Gazprom Neft halved over the last two years, CEO Alexander Dyukov said at a meeting of a presidential council for economy modernization and innovative development on Friday.

“The most serious challenge is a change in the quality of reserves. The quality of Gazprom Neft and other companies’ reserves is not brilliant, to say the least, and it continues falling. This is a natural process. Only in the last two years, Gazprom Neft’s permeability and net pay, the productiveness of formations halved,” Dyukov said.

He said that it is impossible to implement new technologies in Russia until the oilfield profit tax ousts the older taxation system, he said.

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