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Gazprom Neft says plan of Russia’s annual oil production of 540 mln tons realistic

According to Russia’s energy strategy through 2050 approved by the government, the country is set to reach oil production of 540 mln tons by 2030

MOSCOW, May 12. /TASS/. The long-term plans set by Russia’s energy strategy through 2050 on production of 540 mln tons of oil per year are realistic in the event of efficient interaction between oil producers, related industries and the state, Chief Executive Officer of Gazprom Neft Alexander Dyukov said.

"Speaking about long-term plans on oil production of 540 mln tons per year, those plans are realistic in the event of efficient joint work of oil companies, enterprises from relevant sectors and the state," he told reporters. He also called the targets of the energy strategy ambitious.

According to Russia’s energy strategy through 2050 approved by the government, the country is set to reach oil production of 540 mln tons by 2030. This level should be maintained by 2050. Meanwhile, the Economic Development Ministry expects the production level of 540 mln tons to be reached in 2028.