Bloomberg: Shell Makes Oil Find in Russia, Sees Reserves Boost
“Shell, Europe’s second-largest oil company, is counting on projects in Russia to help boost falling output and reserves”
Aug. 10 (Bloomberg) — A Royal Dutch/Shell Group venture in Russia said an exploration well it drilled at the Upper Salym field in western Siberia found oil and should allow the company to boost its reserves at the site.
The well, drilled to 2,316 meters into the Bonus structure at the field, found an estimated 16 meters of oil-bearing sand, the venture said in a statement. Testing of the well is scheduled for the northern autumn this year, it said.
Shell, Europe’s second-largest oil company, is counting on projects in Russia to help boost falling output and reserves. Its venture is spending more than $1 billion to develop the three Salym fields, which hold reserves equal to about 16 percent of those Shell removed from its holdings earlier this year.