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Stimuli for new oil deposits to favour annual production of 70-100M tonnes of oil

September 24, 2012, 16:39 UTC+3
Russia’s Minister of Energy Alexander Novak stresses it would reimburse the oil, which is not produced due to cutting of production at deposits, first of all in West Siberia
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GORKI, September 24 (Itar-Tass) —— the stimulating measures to develop new oil deposits will favour annual production of 70-100 million tonnes of oil, Russia’s Minister of Energy Alexander Novak said on Monday following a meeting with Prime Minister Dmitry Medvedev on stimulating production of hydrocarbon raw materials in Russia.

Presently, those deposits are not developed, the minister said.

“As of today, the country has 28 billion in stock – and realistically ten billion are in regions of East Siberia and in northern regions – they are not developed due to lack of economic stimuli.”

“The changes to the law will mean development of 5.3 billion tonnes of oil additionally, which is about between 70 and 100 million tonnes a year,” Novak said.

The minister stresses it would reimburse the oil, which is not produced due to cutting of production at deposits, first of all in West Siberia. Novak said that over past six years, West Siberia’s production had been lowering by about 1.6 percent a year.

“In fact, if we do not do anything, if we do not offer new stimuli for introduction of new deposits in the east and in the north, the production would be falling,” the minister said.

Novak added that using new deposits the country would receive additional tax revenues, and before 2030 the budget may receive about 300 billion dollars.

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