Oil output in Russia to reach 530-535 mln tons

Oil output in Russia to reach 530-535 mln tons by 2030 - source 

Russia's oil output should reach up to 535 million tons (3.93 bn bbl), and gas production will grow to 880-940 billion cubic meters annually by 2030, a Russian government source said .Referring to an energy strategy up to 2030 due to be discussed at a government meeting on Thursday, the source said the strategy was not a forecast, but the country's target.

Oil exports should rise to 329 million metric tons by 2030, mostly due to a planned increase in crude supplies to the east of 20%-25% from the current 6%."Apart from developing the European market, substantial expansion is also envisaged in the east," the source said.

Igor Sechin, a Russian deputy prime minister in charge of the fuel sector at the Russian government, said earlier the country planned to produce 490 million metric tons (3.6 billion bbl) of oil in 2010. The Economic Development Ministry forecast earlier that crude output would drop 1.1% to 482 million metric tons (3.54 bln bbl) in 2009.

Russia produced 488 million metric tons (3.59 bln bbl) of oil in 2008.The country is expected to produce 620-644 billion cubic meters of natural gas in 2009. Last year, gas production rose 1.6% to 663 bcm, according to the statistics service.

Investment in the country's fuel sector could amount to 60 trillion rubles ($1.9 trillion) by 2030, the source said.The Russian energy strategy up to 2020 approved five years ago needed revising as a result of the ongoing global economic crisis. -  Copyright 2009, RIA Novosti. All rights reserved.    

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