MOSCOW, October 16. /TASS/. Russia possesses the potential to expand both oil production and reserves, CEO of Gazprom Neft Alexander Dyukov said during his speech at the Russian Energy Week.

"Can the domestic oil industry strengthen its position in the global oil market? I would say that we have both potential and challenges that must be overcome. Our potential lies in the availability of hydrocarbon reserves and resources," he stated.

According to Dyukov, this potential also stems from the existing oil infrastructure – production facilities, power assets, roads, pipelines, and ports. "This is an important factor that will allow us to continue development and maintain production volumes," Dyukov emphasized.

The 8th International Forum Russian Energy Week is being held in Moscow on October 15-17. TASS is the event’s information partner.