Russia to produce 460 mm tons of oil by end of year

Nov 05, 2004 01:00 AM

Russia will have produced 460 mm tons of oil by the end of the year, Minister of Industry and Energy Viktor Khristenko said at a meeting with President Vladimir Putin.
"We have produced 381 mm tons in the first ten months," he noted. "The absolute production growth leader is TNK-BP, which registered a 7.5 mm tons of growth." Other production growth leaders (over 10 %) are Rosneft, Slavneft and Surgutneftegaz. Yukos leads in absolute production figures: 71 mm tons in January-September, Mr Khristenko said.

The minister said that oil production grew faster than expected in January-October.
"The bulk of production growth is exported," he said. However, "there is a major problem" -- the growth of oil reserves is lagging behind the growth of oil production. "The efforts to increase resources should move ahead of production," Mr Khristenko believes.
"We should invest [in prospecting]," the president stressed, saying that he had met with Minister of Natural Resources Yuri Trutnev, who suggested doubling budgetary appropriations to geological prospecting. Mr Khristenko replied that his ministry was working in close contact with the Ministry of Natural Resources.

The minister and the president discussed the situation on the domestic petroleum market. Mr Putin said petroleum prices should be market but not speculative ones and asked if the government monitored the situation. Mr Khristenko replied that petroleum prices in Russia followed in the footsteps of the global ones. The minister believes that petroleum prices grow also because of the regional monopolization of the market.
"The anti-trust measures are much too inadequate," he said.

Viktor Khristenko expects that the legislative efforts to create a market of accessible housing would be finished by the end of the year. The State Duma is to spend November 25 discussing draft laws of the "housing package." "Ten drafts will be discussed in the second reading, and nine, in the third reading," the minister said.
"We hope that if we keep up the rate, we will complete the legislative part of the work to create a market of accessible housing," Viktor Khristenko said.

Source: RIA Novosti
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