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Production of oil on Russian continental shelf up 16% in 2015

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Baku, December 25, AZERTAC

Production of crude oil on Russia's continental shelf went up 16% to 18.8 million tons in 2015, Energy Minister Alexander Novak told reporters, according to TASS. "Output of crude on the shelf went up to 18.8 mln tons this year from 16.2 million tons the previous year," he said. The increase took place thanks to the growth of output on the shelf of the Sea of Oskhotsk, Pechora Sea and the Caspian Sea, he indicated.

Early statistical data suggests exports of crude oil from Russia will go up 7.5% to 238 mln tons upon the end of 2015 versus 2014, Novak told reporters. "We’re increasing exports of crude oil for the first time in six years," he said. "It will rise to 238 mln tons from 221.3 mln tons," he said. "Domestic refining will be smaller this year - it has decreased to 282 mln tons from 289 mln tons but the output of oil products is bigger thanks to the higher rates of refining.".

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