UPDATE: Russia to produce 525 mln tns of oil/yr with current resources

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MOSCOW, Dec 24 (PRIME) -- Russia’s proven reserves allow the country to produce around 515–525 million tonnes of oil and gas condensate annually over the next 10 years, Natural Resources and Environment Minister Sergei Donskoi told reporters Thursday.

“The existing resources base of oil and condensate and paces of its development allow us to forecast with confidence stable annual production volumes of 515–525 million tonnes over the next 10 years,” he said.

Russia will be able to remain the leader in hydrocarbon production during 50–100 years if the level of financing of geological exploration is high, Donskoi also said.

At the same time, Donskoi said that Russian oil companies may reduce geological exploration in 2016 due to difficult economic conditions and optimization of investment programs. “There are no positive trends yet. Companies try to optimize. A fall is likely,” he said.

Donskoi said earlier that geological exploration in Russia will contract 10% on the year in 2015.

In 2015, a total of 44 deposits were opened in Russia, including 44 hydrocarbon fields, including 38 oil fields, two oil and gas condensate fields, two oil and gas fields, and two gas condensate fields, he also said. The federal budget received 40 billion rubles of payments for licenses for deposits in 2015, Donskoi also said.

(70.9333 rubles – U.S. $1)

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