Market size and activity split

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The vast majority of oilfield service activity in Russia continues to be focused in the brownfield regions of Western Siberia and Volga-Urals. Given the substantial proved reserves in Russia, activity is predominantly focused on production and development rather than exploration. Metres drilled in the Russian onshore have grown by almost 10% compounded since 2009 as Russian oil companies strive to maintain production, while USD spend has risen almost 15% compound over the same period as companies are having to drill ever deeper and more complex wells. Most market commentators expect these rates of growth for the Russian onshore market to continue for at least the next three years.

Russian onshore market

(Source: REnergyCO 2014)

Russian well construction
(Source: REnergyCO 2014)

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