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Russia may significantly increase oil production and crude exports by 2015
Russia may significantly increase oil production and crude exports by 2015, the Russian minister of industry and energy said Monday. While speaking at the fifth Russian Oil and Gas Week, Viktor Khristenko said Russia could increase oil production to 530 million metric tons a year, and oil exports to 310 million tons by 2015. For comparison, Russia produced 458.7 million tons of oil and exported 257.4 million tons in 2004. The minister also said Russia's production and export of natural gas could reach 740 billion cubic meters and over 290 billion cubic meters respectively by 2015. "The development of new fields will mostly account for the growth in gas production," the minister said, adding that the regions could increase production by 10 times by 2010 and by 15 times by 2015 on the current figures. According to the minister, the export of Russian fuels to Asian-Pacific countries may rise by six times by 2015 and the share of Russian oil derivatives on the North American market had grown more than twice in 2005. Khristenko also reminded those present that the North European Gas Pipeline, which will be laid on the Baltic Sea floor to Germany, would directly link the Russian natural gas transportation system to European pipeline networks. The minister also said Russia possessed unique energy reserves, which could cover 35-40% of current annual consumption.
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