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    Gazprom Neft says oil industry needs incentives to boost output under new OPEC+ quotas

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    By Tass

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    Gazprom Neft says oil industry needs incentives to boost output under new OPEC+ quotas

    TYUMEN, September 18. /TASS/. Russia must be able to increase production in response to OPEC+ quotas, for which the industry needs support from the Finance Ministry and incentives, including for the extraction of hard-to-recover oil, Gazprom Neft Chief Executive Officer Alexander Dyukov said.

    “We see that OPEC+ is boosting output, and we need to respond as well. This is already one argument. But in the long term, if we want to achieve the goals of the new Energy Strategy, maintain and even increase production volumes, we need to more actively engage hard-to-recover reserves in development. We also need to manage remaining reserves more effectively,” he told reporters on the sidelines of the TNF-2025 forum.

    Collaboration between the industry and the state is needed, including government support measures, to address those challenges, the chief executive added. “One possible direction is to stimulate the use of chemical methods to enhance oil recovery. In any case, we are already making progress in terms of developing this technology,” he said.

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