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Russia’s oil output to remain stable in coming years — vice-premier

November 17, 2014, 12:24 UTC+3
The Russian government will render support to oil companies, including oil major Rosneft, for the launch of new oil deposits amid western sanctions, says Arkady Dvorkovich
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© ITAR-TASS/Yuri Smityuk

MOSCOW, November 17. /TASS/. Oil production in Russia will not contract in coming years and will stabilize at the current year’s level, Vice-Premier Arkady Dvorkovich said on Monday.

The Russian government will render support to oil companies, including oil major Rosneft, for the launch of new oil deposits amid western sanctions, the vice-premier said.

“The extraction volumes will not contract. We plan to keep output at this year’s level,” the vice-premier said.

Russia’s oil production at traditional oilfields is, indeed, contracting, but new deposits are being launched, Dvorkovich said.

“Also, we offer tax privileges to stimulate additional oil extraction from oil deposits and hard-to access reserves. These additional privileges are included in the tax maneuver. Companies say they are capable of making up for a fall in oil output,” the vice-premier said.

The Russian government will render support to oil companies, he said. “We’re considering taking financial decisions to support particular companies, first of all, the largest company Rosneft. I wouldn’t comment on the volume of support but this aid is under consideration and this will help stabilize output for Rosneft as well.”

Russian Energy Minister Alexander Novak said in October oil production in the country should remain stable. “Our task is to keep output at the current level,” he said.

Meanwhile, Russia’s largest oil company LUKoil Vice-President Leonid Fedun said at a recent national oil and gas forum that oil output in the country would be declining after 2014. “The output growth rates have stabilized in recent years. But there will be no growth any longer,” he said.

Russia’s oil output increased by 5.2 million tons in 2013, year on year, to 523 million tons.

 

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