FORES: Vostok Oil to Boost Demand for Propping Agents

14 February 2020 (09:10)

UrBC, Yekaterinburg, February 14, 2020. The prospective oil-extracting cluster Vostok Oil in the Taymyr Peninsula will open new horizons for the Russian propping agent industry in general and for the Urals’ propping agent manufacturers in particular, Executive Director at OOO FORES Mikhail Lovkov says.

‘Just how plentiful the new opportunities will be will depend on how exactly the oil will get extracted from the new deposits in Taymyr. The fine ceramic granules that are generally known as propping agents are used to make the formation hydraulic fracturing process more efficient. This means the need for propping agents depends on whether formation hydraulic fracturing technology is used in the oil-extracting process. The companies that are working on Russian oil deposits at the moment are turning to this particular technology increasingly more often, so FORES expects the demand for propping agents to keep growing, thanks to the Taymyr project, among other things. The company’s production capacity makes OOO FORES the market’s unfailing leader with its 1,000,000,000+ kg of propping agents a year,’ FORES’s press service quotes Mikhail Lovkov as saying.

Now head of Rosneft Igor Sechin presented the Vostok Oil Project to Russian President Vladimir Putin this week. The project will require more than RUB 10 trillion worth of investments. Vostok Oil could prove the global oil industry’s largest and most promising international project so far.

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