Russian Europan oilfields will start running out by 2040s, expert warns

Platform at Sakhalin 1 oil fieldRussian European oilfields will start running out in the 2040s giving it no more than 25-30 years to replace it with oil production from the Arctic a leading expert warned this week.
By then, Russia will see a steady decline in oil production from its European fields, the Research Manager of the Institute of Geology, Oil and Gas of Russia’s Academy of Sciences Alexey Kontorovich told delegates at the Technoprom forum on technological development in Novosibirsk, and while Western Siberia would maintain production longer, it would not be enough to meet the country’s economic needs. Its Arctic fields were therefore going to be essential for Russia to ensure its sustainable economic development.