Exec: Tatneft to suspend 40% of wells under new OPEC+ deal

MOSCOW, Apr 28 (PRIME) -- Russian oil company Tatneft will be forced to suspend 40% of its production wells to comply with the new OPEC+ oil output cut deal, Deputy CEO for exploration and production Rustan Khalimov said on Tuesday.

“(We will) stop almost 20% of oil production, which is… almost 40% of all production wells… We will maintain the operating capability of the wells,” he said.

Khalimov added that after the end of the agreement Tatneft will resume operations of the wells without problems.

Tatneft and other oil producers have sent proposals to support the oilfield servicing industry to the government, he said.

“The current situation has first of all hurt oilfield servicing companies, because crude producers have to cut their investment programs… As to Tatneft, we will be able to offset a 2-year oil production reduction only by resumption of operations of the suspended wells,” he said.

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