Russia raises annual oil production in last five years

Oct 10, 2005 02:00 AM

Oil production in Russia increased by 140 mm tons in the last five years, aggregating 458 mm tons, according to data announced at the Russian parliament's lower house.
State Duma deputies said the figures exceeded the most optimistic expectations of the energy strategy, but at the same time they said Russia formed a model of exhausting exploitation of natural deposits.

"The miracle of increasing oil production with the exhausting deposits will not continue," said Elik Khalimov, an expert with the all-Russian Oil Scientific and Research Institute.
Khalimov said the volume of explored oil deposits decreased by 20 % from 1988 to 2005. He said investments in risky geological prospecting works had almost come to nothing and that federal and regional budgets did not allocate enough.

Source: RIA Novosti
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« November 2019 »
November
MoTuWeThFrSaSu
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30

Register to announce Your Event

View All Events