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News // Russia

Russia Increases Oil Output

24 October 2007 , 08:52372
Russia's oil output will increase 2.6% year-on-year to 492 million metric tons in 2007, Russian Industry and Energy Minister Viktor Khristenko said.

He said the increase would mainly come from east Siberia and Far Eastern offshore areas.

He added that the higher output resulted from amendments in laws providing investors in east Siberia with tax remissions and the implementation of the East Siberia-Pacific Ocean pipeline route, which Russia is building in order to pump crude eastward to Asian markets.

Russia's oil output grew 2.1%, year-on-year, in 2006, to 480.02 million metric tons (3.5 billion bbl). The Industry and Energy Ministry said earlier this year that LUKoil, Rosneft, TNK-BP, Surgutneftegaz and Gazprom Neft were the leaders in oil and gas condensate production last year.

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