Investment in Russian oil and gas industry to reach 2-3tn rubles by 2020

Investment in Russia’s oil and gas industry will reach 2-3 trillion rubles by 2020, deputy energy minister Kirill Molodtsov has said. Development of oil deposits in East Siberia is to begin soon the development of West Siberian deposits to follow. Molodtsov said gas production was likely to rise to 700bn cubic meters and oil production to 525mn tons next year.

He said production could rise even further, but warmed this could increase problematic issues related to transport, storage and consumption. Russia produced 668bn cubic meters of gas and 523mn tons of oil in 2013.

Molodtsov also said the energy ministry was against higher duties on LNG exports because high-purity LNG has been in surplus of late. Earlier the idea to hike the duties had been rejected by the economic development ministry.

Copyright: ProNedra, 2014