MOSCOW (Reuters) - Russia's top oil producer Rosneft said it puts the costs of its hard-to-recover oil production at between $10 and $35 per barrel, which makes it feasible to develop in the current pricing environment.
In an emailed response to Reuters, the company said it expected the share of such oil production in its total oil output to rise to 11 percent by 2020 from 7 percent currently.
Russia's oilfield licences regulator Rosnedra values hard-to-recover oil reserves at around 12 billion tonnes, or two thirds of the country's total oil reserves.
The reserves are crucial for Russia's plans to keep its oil production at no less than 10 million barrels per day in the coming years.
Rosneft, which is under both financial and technological sanctions imposed by Western governments over Moscow's role in the Ukraine crisis, also said that international sanctions have no material impact on the development of hard-to-recover oil.
(Reporting by Katya Golubkova and Olesya Astakhova; additional reporting by Dmitri Zhdannikov; writing by Vladimir Soldatkin; editing by Christian Lowe and Jason Neely)
Disclaimer: No Business Standard Journalist was involved in creation of this content
