Oilfield services group Tagras to increase investment by third to 8.5 bln rubles in 2023

KAZAN. Sept 5 (Interfax) - Russian oil and gas field services group Tagras plans to increase investment in production by a third to 8.5 billion rubles in 2023, the Tatarstan-based group said on its website.

"Furthermore, we are focusing on developing our own technologies and equipment. We have more than tripled investment in R&D; investment for the year will exceed 250 million rubles," Tagras CEO Lenar Nazipov said in the press release.

He said Russian oil and gas companies have shifted focus this year from import substitution to import independence, and are more actively investing in their own solutions and R&D.

Commenting on the outlook for the development of industry companies, he said the oilfield services sector also needs support.

"We supply products to foreign markets, such as pump systems, cable and other goods. But for us it is more interesting to increase exports of services," Nazipov said, recalling that Deputy Prime Minister Denis Manturov ordered the Russian Export Center to work on creating mechanisms to support the provision of Russian oil and gas field services abroad.

Tagras, established in 2006 on the basis of the service divisions of oil company Tatneft , includes 54 enterprises in eight divisions that provide geophysical, drilling, mechanical, oilfield, energy and transport services.