Russian oil industry slowly on the recovery

Sep 13, 1997 02:00 AM

Russia gained a 0.7-% increase in oil output in the first eight months of 1997, Russian First Deputy Prime Minister Boris Nemtsov said.
At an oil industry meeting, Nemtsov said that three large oil companies -- LUKoil, Surgutneftegas and Rosneft -- have the incremental output. He said the government should pursue partnerships with oil companies, which contribute 20 % of taxes to the federal budgetary revenue and heed the interests of the state and the companies.
First Deputy Minister for Fuel and Energy Viktor Ott said that Russia's oil and gas output in the January-August period of this year has reached 203 million metric tons, or 3.8 million tons, higher than expected. However, Ott said Russia's oil industry remains to have difficulties with one in every three refineries working at a loss and the number of idle oil wells accounting for 25 % of the total. He cited a serious decline in this year's pace of oil extraction, saying about 55 % of the country's oil fields so far have been difficult to pump.
The highest oil output is in the Tyumen region, Siberia. It accounts for more than 43 % of the total.

Source: not available
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