Russian vertically integrated oil companies (VIOCs) plan to significantly increase the volume of investment in business development over the next three years. According to forecasts, the total amount of investments will reach 10.5 trillion rubles, which is 30% higher than the previous three-year period. The growth of investment activity is associated with the need to maintain the current level of oil production and develop new ones deposits.
According to analysts, last year investments in the industry already increased by 6%, amounting to 2.9 trillion rubles. This year, investments are expected to further increase to 3 trillion rubles. The greatest growth is predicted for 2026-2027, when the volume of investments may exceed 3.9 trillion rubles. In dollar terms, growth by 2026 will be about 41% compared to 2024 – up to $43.6 billion.
The main reason for the increase in investment is the aging of existing fields and the need to develop hard-to-recover reserves. More than half of the recoverable oil reserves in Russia today are classified as hard-to-recover. According to Rosnedra, about 53% of reserves (16.5 billion tons) are preferential for extraction, of which 58% are difficult to extract due to geological conditions, and 42% are due to remoteness from infrastructure.
Additional factors for investment growth will be projects for the development of the Arctic and Eastern Siberia, as well as the construction of infrastructure outside Western Siberia. At the same time, costs in the industry continue to rise: last year, production costs increased by 14%, reaching $35.4 per ton.
It is expected that increased investment will allow Russia to stabilize oil production at 10.4 million barrels per day and maintain export supplies of about 4.8 million barrels per day.
The material was prepared with the support of the Russian Ministry of Education and Science as part of the Decade of Science and Technology.
Source: @nefte_baza
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