Economy Ministry posts forecast on oil and natural gas production

According to forecasts of the Russian Economic Development and Trade Ministry, the volume of oil production in Russia will reach 377m tons in 2002 and it will increase to 510m tons by 2010. This data was voiced by an official from the ministry at the international conference 'The Transportation of Oil and Gas in the CIS and the Caspian Region' that opened in Vienna. According to the official, exports of Russian oil will amount to 185m tons in 2002 and surge to 289m tons by 2010.

Moreover, Russia is going to increase the production of natural gas from 600bn cubic meters, which are expected to be produced by Russian companies, including Gazprom, in 2002 to 655bn cubic meters by 2010.