Debts of largest US shale companies reach USD 150 B — Rosneft CEO

October 23, 2015 5:59 am 

VERONA, Oct. 22 — The debts of the largest US shale companies reached USD 150 billion, Rosneft CEO Igor Sechin said Thursday.

"The total debt of only 25 companies engaged in the extraction of shale oil reaches about USD 150 billion," he said.

Earlier, Russia’s Energy Minister Alexander Novak said in an interview with Rossiya 24 TV channel that the decline in shale oil production was a steady trend of recent months.

In the last three months shale oil production decreased by 300,000 barrels.

According to Novak, investment volume reduces due to lower prices; the number of drilling rigs in the United States reduced by roughly 50 percent – a year ago there were 1600 drilling rigs, now only about 600. (PNA/TASS)

RMA/LOR/RSM

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