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Russian oil companies’ capital investment to grow by 10% this year

MOSCOW, December 21. /TASS/. Russian oil companies will increase capital investment in the oil sector by 10% to $19.47 bln in 2016, Russian Energy Minister Alexander Novak told reporters.

"Capital investment of vertically integrated companies in oil production will increase by 10% and amount to $19.47 bln," he said.

In addition, the Minister noted that this year oil companies will increase sinking by boring, in particular, the figure for production drilling increased by 11.8%, exploration drilling - by 11.1%.

On oil production

Russian oil producers will increase crude oil production by 2.5% to 547.5 mln tonnes in 2016, Novak has stated.

"Oil production is expected at the level of 547.5 mln tonnes, a 2.5% increase," he said.

According to the minister, crude oil exports will rise 4.8% in 2016 to 253 mln tonnes.

The share of offshore crude production has risen 11.5% to 21.3%, he said, adding that in Russia’s East Siberia and Far East crude output has reached 69.5 mln tonnes, a 9.4% increase compared with the same period last year.

Also, Novak said, Russia’s oil production at fields with tight oil will rise 24% to 41 mln tonnes this year.

According to the Minister, imports of large-tonnage polymers will drop to almost zero level in 2016 due to surging production within the Russia territory (expected growth of 8.5% to 5.1 mln tonnes this year).

"Imports will drop almost to zero," he said.

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