Source: Rosneft – An important disclaimer is at the bottom of this article.
The global oil industry continues to suffer from underinvestment, according to Igor Sechin, Executive Secretary of the Presidential Commission on Energy Strategy and Chief Executive Officer of Rosneft Oil Company.
“Today, the global oil industry continues to suffer from underinvestment. Exploration spending has been particularly drastically reduced,” Sechin said at the opening of the VII Russian-Chinese Energy Business Forum (RCEBF) in Beijing.
According to Mr. Sechin, this is one of the reasons why the organic reserve replacement ratio of Western oil majors has been only about 40% over the past five years.
“Meanwhile, at Rosneft, this figure consistently exceeds 100% thanks to its larger resource base and highly efficient exploration,” Sechin said.
Department of Information and Advertising
Rosneft Oil Company
November 25, 2025
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