Zarubezhneft prepared for the complete cessation of production in Russia

MOSCOW, 12 Oct — PRIME. Zarubezhneft has worked out various scenarios for the development of the situation after the introduction of an embargo on Russian oil supplies by Europe, including a complete halt in production at Russian assets, said Sergey Kudryashov, CEO of the company.

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1 The Ministry of Finance predicted a temporary decline in oil production in Russia

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The Ministry of Finance predicted a temporary decline in oil production in Russia

“As for the current situation, I would say that we are serious about 05.12, very seriously,” he said, speaking at the Russian Energy Week. On December 5, a ban on sea transportation of Russian oil above the price ceiling comes into force.

“We are working on several options for the development of events, we are ready for the worst options,” Kudryashov continued. “For Russian assets, we are looking at a 100% shutdown and understand what needs to be done later in order to even start up within two weeks,” he added.

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“We understand that even a 70% shutdown of production is not critical for us, taking into account the current technologies that we have. That is, we are working out these scenarios, and we are ready. If someone thinks that Russia will not be able to limit production in winter, they will sell at any price – probably, this idea needs to be parted,” the head of the company emphasized.

Russian Energy Week takes place in Moscow from 12 to 14 October. RIA Novosti acts as an information partner of the forum.