Russia to revise up oil and gas output forecast

Oct 27, 2004 02:00 AM

Russia's Industry and Energy Ministry is to revise up its forecast of oil and gas output in Russia that was made as part of its strategy for oil and gas sector development, Industry and Energy Minister Viktor Khristenko told an oil and gas conference on 26 October.
Khristenko said that oil production would reach 550-590 mm tpy by 2020 if oil prices were at $ 25-35 per barrel, while according to the strategy for Russia's oil and gas sector development approved by the government in August 2003, the minimum annual oil output was set at 450-520 mm tons.

Khristenko said oil exports are to keep increasing until 2010 and then stabilize at 326-360 mm tpy. Under the strategy approved in 2003, oil exports were to reach 150-310 mm tpy by 2020.
Khristenko said that by 2010, the annual throughput capacity of oil pipelines in Russia is to reach 303 mm tons.

European countries will remain the main importers of Russian oil but exports to the US and the Asian Pacific region are also going to increase,he said.
He also said that by the end of 2005, the oil transportation of Russia's Baltic Pipeline System (BPS) would reach 62 mm tons. On August 11, Khristenko said that the throughput capacity of BPS had reached 50 mm tpy.

Source: Prime-Tass
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