Minister: investment in oil industry up 19%
Total investment in the Russian oil industry increased by 19% to RUB 1.21 trillion in 2016, Russian Minister of Energy Alexander Novak said.
“I would like to point out that growth in capital investment in 2016 was an additional 19% compared with the 2015 level and total investment in the oil industry came to RUB 1.21 trillion”, Novak said, according to the Vesti.Finance portal.
Development and exploratory drilling in Russia increased 12% and 13%, respectively, in 2016.
Vesti.Finance notes that gas production in Russia could grow to 640.5 billion cubic metres in 2017, an increase of 300 million cubic metres compared with 2016, and then increase to 648.3 billion cubic metres in 2018 and to 656 billion cubic metres in 2019.
Gas production in Russia totalled 640.2 billion cubic metres in 2016.
It should be noted that investment in the global oil industry has declined by approximately USD 0.5 trillion over the last two years, while spending on geological exploration is at its lowest level in the last 70 years, which could result in a shortage in energy resource supplies on the market.