By 2035, the largest oil fields in Western Siberia will lose about 1 billion tons of oil, which will affect oil production in the region.
Kasatkin Consulting analysts predict that oil reserves in the 16 largest fields of Western Siberia will be reduced from the current 4.966 billion tons to 3.807 billion tons by 2035. These fields currently account for 21% of total oil production in Russia and 26% of the country’s oil reserves.
Despite the projected decline, Western Siberia will remain a key region for Russia’s oil industry. Experts estimate that the share of Western Siberia in total oil production will decrease from 21% to 19% by 2035. Maintaining a high level of production is possible through the active introduction of new technologies, which will require significant investments.
Analysts stress that the issue of oil depletion in Western Siberia has been discussed for a long time, especially after the withdrawal of Western companies from projects in the region. It is important to note that the size of oil reserves directly affects the credit liabilities of oil companies: the more a company has confirmed reserves, the cheaper it will borrow.