Sechin warned about underinvestment in the oil industry

The oil industry around the world continues to suffer from underinvestment, says Igor Sechin, Executive Secretary of the Presidential Commission on the Development Strategy of the Fuel and Energy Complex, Chief Executive Officer of Rosneft.

"Today, the global oil industry is still suffering from underinvestment. Exploration costs are particularly strongly reduced," Sechin said at the opening of the VII Russian—Chinese Energy Business Forum (RCEBF) in Beijing.

According to him, this is also the reason why the coefficient of organic inventory recovery for Western oil majors has been only about 40% over the past five years.

"At the same time, Rosneft consistently exceeds 100% due to its extensive resource base and high efficiency of exploration," Sechin said.

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