25 Oct 2017 13:52

Average lifting cost for oil in Russia at $10-$15 per barrel - Novak

MOSCOW. Oct 25 (Interfax) - The average lifting cost of oil in Russia is around $10-$15 per barrel, Russian Energy Minister Alexander Novak said during a government hour in the State Duma.

"The cost of producing oil in Russia varies absolutely everywhere. Everything depends on the geological conditions and the presence of infrastructure. In Western Siberia where the infrastructure is developed, there is one cost, while Eastern Siberia where it needs to be built has another cost. But the average is from $10 to $15 per barrel, which includes both operational expenses as well as return on capital investment," the minister said.