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Russia’s Arctic shelf crude production expected to surge by 11.5% in 2016

According to Deputy Energy Minister Kirill Molodtsov, the production will stand at 21.3 mln tonnes

© Lev Fedoseev/TASS

ST. PETERSBURG, October 5. /TASS/. Russia will boost crude production on the Arctic shelf by 11.5% to 21.3 mln tonnes in 2016, Deputy Energy Minister Kirill Molodtsov said at Offshore Marintec Russia forum on Wednesday.

"As of now we expect an over 2.2 mln tonnes increase in 2016, which will enable us to add more than 11% to production, outpacing Russia’s average output growth rates," he said.

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According to Molodtsov, gas production in the country will rise by 6.6% to 33.9 bln cubic meters in 2016.

Russia’s investment in import substitution programs on production of Arctic shelf equipment in 2017 may total 3 bln rubles ($48 mln).

"More than 20 research works aimed at resolving the issues of development and production, surface facilities, construction of production platforms and ships that are currently considered by federal authorities, may claim funds in the amount of more than 3 bln rubles," he said, adding that Russia has already allocated more than 1.3 bln rubles for import substitution programs on Arctic shelf equipment.

According to Molodtsov, the country’s offshore gas production will rise by 6.6% to 33.9 bln cubic meters in 2016.

The recoverable reserves from projects in offshore Russia (more than 17.5 mln tonnes of oil equivalent) account for around 88.2% of the country’s total hydrocarbons reserves, he added.

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Russian military presence in Arctic crucial to nation’s defense, economic interests

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