Russia Adopts Texas Drilling to Revive Soviet Oil Fields: Energy

Bloomberg: Fracking isn't just for shale. In Russia, producers are importing techniques from the U.S. to squeeze billions of dollars of extra oil from Soviet-era fields. TNK-BP, Russia's third-largest producer, will use hydraulic fracturing combined with horizontal drilling in almost half the wells it sinks this year, a sixfold increase in just two years, the company said. OAO Rosneft (ROSN), OAO Lukoil (LKOH) and OAO Gazprom Neft have similar plans. So-called fracking, the process of blasting oil from...

URL: http://www.bloomberg.com/news/2013-03-18/russia-adopts-texas-drilling-to-revive-soviet-oil-fields-energy.html