Minenergo of Russia anticipates oil production growth by 0.7% in 2014

The Russian Ministry of Energy anticipates oil production growth by 0.7% up to 525 million tons in 2014. Russian Minister of Energy A.Novak said.

According to him, oil production can reach 525 million tons this year and keep at the same level in the medium term perspective. Investments into the fuel and energy sector of Russia will be at the same level, Novak said. He has added that the general scheme of the fuel and energy sector development will be adjusted before the end of the year. Depending on the changes, the investments into the fuel and energy sector can be adjusted.

We will work over this question (investments) within the framework of an energy strategy; it will be taken into consideration. Investments will hardly increase. Either they will keep the same level or be adjusted,” Minister said. However, Novak supposes the investment will keep the previous level. According to him, the Ministry of Energy keeps forecast on oil production at the Bazhenov group at 80 million tons a year until 2030. According to the Minister, sanctions, imposed against Russia will not influence the development of shale deposits.