Speaking to a government meeting in Moscow, Surgutneftegaz’s chief geologist Vyacheslav Chirkov said that the explorer had raised its output from the Bazhenov shale formation to around 11,800 barrels per day of oil in 2013.
"But it cost us 3 billion roubles ($86 million) in losses," Chirkov said, according to Reuters reports.
The company, Russia’s third largest oil producer, nonetheless plans to ramp-up oil production from the Bazhenov to around 17,100 bpd by 2018.
The
