Important for Russia to maintain oil production amid departure of leading oil service cos, make advance payment for future work - Novak

MOSCOW. March 21 (Interfax) - It is important for Russia to maintain the volume of oil and gas production in order to keep oil service companies busy, even despite the announcement of the withdrawal of the largest companies in the industry from Russia, Deputy Prime Minister Alexander Novak said during a meeting with the LDPR party in the State Duma.

"When we reduced oil production by 20% in 2020, many oilfield service companies saw significant losses. Our oil and gas companies understand this, they are also interested in preserving them. There are various tools. Companies have made advance payment for future works. There are ways to create a certain fund of wells for the future, when [wells] are drilled, but [crude oil] is not yet being produced. We are also considering such measures," Novak said.

Oil production is currently in full swing and oilfield service companies have plenty of work.

Commenting on the decision of the "big four" oil service companies - Schlumberger , Halliburton, Baker Hughes and Weatherford - to stop investing in Russia, the Deputy Prime Minister noted that despite their departure, specialists from the companies will remain in the country.

"These foreign companies employ our people. Even if they have announced or will announce that they want to leave, they will still, at a minimum, continue to work here, in terms of jobs, which, as I said, we have the goal of preserving," Novak said.