MOSCOW, February 14. /TASS/. By 2040, Russia will increase its oil output by 10% compared to 2017, to 12.5 million barrels per day, UK oil and gas company BP said in its outlook.
Russian gas production is expected to grow by 216 billion cubic meters (+34%), to 851 billion cubic meters in the reported period, the company said.
Overall, Russia’s primary energy production will grow by 21% between 2017 and 2040, but its share of global production will drop from 10% in 2017 to 9% in 2040.
In the reported period, Russia will remain the world’s largest primary energy exporter and the second-largest combined oil and gas producer, exporting 9 million barrels per day of oil and 387 billion cubic meters of gas on a net basis by 2040.
However, BP projects that Russia’s liquids production (estimated at 12.5 million barrels per day in 2040) will trail the US and Saudi Arabia.