Posted on 11/27/2009 7:53:38 AM PST by thackney
Russia plans to invest up to $625 billion over the next two decades to raise oil production by about 10 per cent and a further $590 billion to add at least 33 per cent to its gas output, the Energy Ministry said on Thursday.
The oil and gas investment, part of a $2-trillion-plus plan to develop the Russian energy sector by 2030, also envisages Asian markets taking a much larger share of Russia's exports as the country develops resource fields in Siberia and the Far East.
"This will allow the Russian energy sector to lower its risk of being dependent on exports to one market, Europe," the ministry said in a report published on Thursday.
Russia, the world's largest oil producer as Saudi Arabia persists with OPEC-led output cuts, expects to boost crude oil output to between 530 million and 535 million tonnes in 2030 from last year's 488 million tonnes.
To meet this target, Russia must replace depleted West Siberian deposits with expensive new developments further east. East Siberian fields, which contributed only three per cent of Russia's oil production last year, will grow their share to 18 per cent or 19 per cent by 2030, the ministry said.
The Energy Strategy-- 2030 envisages crude oil exports largely flat within a range of 222 to 248 million tonnes by 2030, compared with 243 million tonnes exported last year.
I know, it's a dream.
Meanwhile, the Obamunists continue to dream of meeting U.S. energy needs with moonbeams and unicorn droppings.
- JP
The sane approach here in the US is to let market forces bring out more efficient, less costly technologies over time - not mandate them on an artificially short schedule.
We should also have a plan for building mostly new nuclear plants to provide the additional energy needed on coming decades. There's no real need for reduced carbon emissions (over time) to entail a reduced standard of living. There is no significant downside to new nuclear plant proposals. Waste could be relatively efficiently disposed of at the mid-Pacific subduction zone - if we had the kind of national will we exhibited during the '60s moon race.
Instead, we are now a nation of mostly slack-jawed, undereducated hedonists who're more concerned with "American Idol".
The solution? I'm not sure, but it's possible that coming social upheaval over the current methodical destruction of our way of life will provide part of the answer. ;-)
Ping.
Russia plans to invest up to $625 billion over the next two decades to raise oil production by about 10 per cent and a further $590 billion to add at least 33 per cent to its gas output, the Energy Ministry said on Thursday.
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