MOSCOW, Sept 17 (Askume) – OFS Technologies, formerly part of Baker Hughes ‘ (BKR.O) Russian assets, said on Tuesday it was increasing the number of oil wells it is drilling to prepare for Russia’s need to ramp up oil output.
US oilfield services provider Baker Hughes announced in August 2022 that it had sold its oilfield services business in Russia to a local management team after the West imposed sanctions on the country for its invasion of Ukraine.
“We are increasing the list of wells so that the country is ready to increase production at the appropriate time,” David Gadzhimirzayev, president of OFS Technologies, told the Interfax news agency.
He also said the decision by major oil producers, including Russia (known as OPEC+), to reduce oil output would have little impact on the company’s operations.
“As new reserves continue to be discovered, lower production does not always lead to less drilling,” he said, according to the Interfax news agency.
OPEC+ agreed earlier this month to suspend plans to raise oil output in October and November after crude prices fell to a nine-month low , and said it could pause or reverse further production increases if needed.
