The company that built Russia's first underground oil storage facility in Krasnoyarsk Krai is ready to start its pilot operation. This was announced by Nina Erofeeva, Head of the Department of Oil and Gas Geology, Underground Water and Facilities of Rosnedra.
According to her, the license to create such storage facilities was first obtained for the project in Krasnoyarsk Krai. She noted that this is a unique case for Russia, where previously all oil produced was transported through pipelines.
The need for oil storage facilities arose due to recent geopolitical events and underdeveloped infrastructure in some Arctic regions. The storages will allow to store oil and avoid its burning during the period of pilot works. Interfax writes about it.
The idea of creating underground oil reservoirs was actively discussed in 2020, when the pandemic and related restrictions led to a drop in demand and oil prices.
The discussion resumed in March 2022 against the backdrop of the Russian energy boycott. RGO experts estimate the optimal reserve volume at 10-20% of annual production.
The creation of storage facilities from scratch may take 10-12 years, while the use of depleted fields will reduce this period to 3-5 years.
Earlier it was written that global demand for oil collapsed due to the slowdown in the Chinese economy.
It was also reported that Russia is increasing oil exports due to the return of under-sanctioned vessels.