Translation. Region: Russian Federation –
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 Fuel and Energy Sector Development Strategy and Chief Executive Officer of Rosneft Oil Company.
"Today, the global oil industry continues to suffer from underinvestment. Exploration spending is being cut particularly sharply," Sechin said at the opening of the 7th Russia-China Energy Business Forum (RCEBF) in Beijing.
According to him, this is one of the reasons why the organic reserve replacement rate for Western oil majors has been only around 40% over the past five years.
"At the same time, Rosneft consistently exceeds this figure thanks to its extensive resource base and the high efficiency of its geological exploration work," said Igor Sechin.
Department of Information and Advertising of PJSC NK RosneftNovember 25, 2025
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