Speaking at the opening of the VII Russia-China Energy Business Forum in Beijing, Sechin highlighted a striking contrast: Western oil majors have maintained an organic reserves replacement ratio of only around 40% over the past five years.
“In contrast, Rosneft’s replacement ratio consistently exceeds 100%, thanks to our extensive resource base and highly efficient exploration programs,” Sechin said.
He warned that ongoing underinvestment in exploration could jeopardize the long-term stability of global oil production, noting that cuts in geological and exploratory spending are particularly severe among Western companies.
Sechin’s remarks come amid growing global energy demand and ongoing debates about investment strategies in the oil and gas sector, underscoring Rosneft’s focus on sustainable growth and resource efficiency.