Ministry of energy: specodejda oil and gas complex is not planned


The Russian government has not adopted and does not plan to take special measures associated with a decrease in oil prices, to maintain the sustainability of the oil and gas sector, said first Deputy energy Minister Alexei Teksler.

MOSCOW, Nov 17. Russia has no plans to take special measures to support the oil and gas complex due to the fall in oil prices, said first Deputy energy Minister Alexei Teksler.

“The Russian government has not adopted and does not plan to take special measures associated with a decrease in oil prices, to maintain the sustainability of oil and gas complex,” said Teksler, speaking at the forum “Intelligence. Mining. Processing”.

“The strategy of our country stems from more fundamental factors. The General vector of the state development aimed at sustainable reduction of the tax burden on oil production due to the increasing complexity of the resource base, as well as on the implementation of programs of import substitution. Russia aims to maintain current production levels, it is our strategic goal,” said Teksler.

He noted that the declining production from existing fields Russia will be gradually replaced by production growth in the far East and further developing tight reserves, and after 2025 “it is planned to mine the deposits of the Arctic shelf”.

“We see the role of Russia in the balancing market (supply and demand for oil — ed.) but to provide a reliable supply in the markets of Europe and the Asia-Pacific region. While the role of balancing anybody does not take, all engaged in maintaining their own positions. As a result, the balancing market is delayed and will be completed no earlier than 2017-2018. It will happen due to the universal reduction of investments in exploration and production, which could have a negative medium-term effect and may have 3-4 years to result in the opposite imbalance market in the direction of shortage of supply,” — said the Deputy Minister.

Despite this, the Russian oil industry remains sustainable to develop in conditions of low oil prices, concluded Teksler.