Camenoil continues the expansion to the international market. In this respect, our company established in October 2017 a Branch in the Russian Federation. We are already working on several projects that, we hope, will give us the entry into the Russian market.
In mid-term perspective, oil production in Russia is projected to grow moderately, reaching the level of 570 million tons in 2025. Drilling activity will mainly be oriented toward sustaining oil production levels. Starting 2018, the key trends on the drilling market will be moderate grow. In monetary terms, the market will be driven by horizontal drilling, the share of which in total drilling activity has grew from 11 % in 2010 to 36 % in 2016, and is projected to reach 44 % by 2021. This trend presents huge opportunities for CAMENOIL RUS in the areas of directional drilling, completion and workover.
