Tuesday, August 22, 2017

Oil wells may open to Russian startups

An initiative by the Russian Energy Ministry and LUKOil may allow for start-up companies to access oil fields in Siberia, the Skolkovo Foundation said Friday.
This comes on the tailwind of icy foreign relations due to sanctions that Russia has received from the U.S. and European Union coupled with diminishing wells that were easy to extract oil from.
“Oil companies and startups need to interact more,” energy start-up Wormholes General Director Oleg Zhuravlev said. “This is primarily so that innovators can better understand the problems faced by oil companies."
The measure would begin to allow small companies to test plots to see how efficient their up-and-coming technology is in extracting oil. The strongest showings will receive investments from LUKOil, one of the country's largest refining companies, which owns many of the wells in Siberia.
Also on the agenda is a reworking of legislation that requires a company to be of a certain size before it can work in the country's energy production on this scale. This mirrors Kazakhstan's method of allowing startups affiliated with institutions of higher education access to oil wells.

Organizations in this story

Skolkovo Foundation 4 Lugovaya St. Moscow

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