MOSCOW, Sept 17 (Reuters) - OFS Technologies, formerly part of Baker Hughes' (BKR.O) , opens new tab Russian assets, said on Tuesday it had been increasing the number of wells so that Russia would be ready to boost oil production when necessary, Interfax news agency reported.

U.S. oilfield services provider Baker Hughes announced in August 2022 it had sold its oilfield services business in Russia to the local management team, following Western sanctions against the country over the invasion of Ukraine.

"We are increasing the inventory of wells so that the country is ready to increase production at the right time," OFS Technologies's President David Gadzhimirzayev told Interfax.

He also said that the decision of the group of leading oil producers, including Russia, known as OPEC+, to reduce oil production has had little impact on the company's operations.

"Lower production does not always lead to lower drilling as exploration for new reserves continues," he said, according to Interfax.

OPEC+ earlier this month agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months, adding that it could further pause or reverse the hikes if needed.

Sign up here.

https://www.reuters.com/markets/commodities/russias-ofs-technologies-boosts-oil-wells-count-ensure-output-hike-potential-ifx-2024-09-17/