Min: Russia’s oil output may rise 2.5% to 547.5 mln tns 2016

MOSCOW, Dec 21 (PRIME) -- Russia’s oil output may rise 2.5% on the year to 547.5 million tonnes in 2016, Energy Minister Alexander Novak told reporters on Wednesday.

The oil output on Russia’s shelf may increase 11.5% on the year to 21.3 million tonnes in 2016, he said.

The oil output in Eastern Siberia and the country’s Far East will grow by 9.4% to 69.5 million tonnes, he said. Production at fields with hard-to-recover reserves will rise 24% to 41 million tonnes. Production drilling has increased 11.8% and exploration drilling rose 11.1%, he also said, without providing absolute figures.

Russia’s oil exports will grow 4.8% on the year to 253.5 million tonnes in 2016, he said.

Primary oil processing may fall 2% to 277 million tonnes with depth of refining growing 5 percentage points to 79.2%. Production of automobile gasoline will rise 1.8% to 39.9 million tonnes, including 37.4 million tonnes of Euro 5 gasoline, he said.

The fuel oil output will fall 21.1% to 56 million tonnes in the period, he said.

Novak also said that capital expenditures and investments of vertically integrated oil companies in production will increase by 10% to 1.19 trillion rubles.

(61.7967 rubles – U.S. $1)

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