No decline in sight for Russia's oil output
Russian Deputy Prime Minister Igor Sechin does not expect oil production levels to fall in Russia in 2008, he told reporters during a press briefing, noting that there were no concerns in this respect. The Deputy PM explained that the data that the government was receiving from oil producers showed that there was little chance of a sharp decline in oil output, RBC reports. Sechin pointed out that the steps taken to support oil producers would bear fruit in the foreseeable future, enabling the country to at least keep pace with the current results.
Furthermore, new fields are anticipated to contribute considerably to oil output figures in the next few years, as the Vankor field alone is due to deliver its first 1.5m tonnes by the year's end, at least 5-6m tonnes in 2009, and up to 28m-29m tonnes by 2015.