MOSCOW, Sept 17 (Reuters) - OFS Technologies, formerly

part of Baker Hughes' ( BKR ) 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 ( BKR ) 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.