19:55 | 19/ 02/ 2007
MOSCOW, February 19 (RIA Novosti) – Russia’s economics ministry said Monday it forecasts growth in oil exports to 273 million metric tons (some 2 billion barrels) and natural gas exports to 221.6 billion cubic meters.
In 2006, Russia’s oil exports totaled 249.9 million tons (1.8 billion barrels) and natural gas exports 201.1 billion cu m.
The ministry said the gas exports forecast is based on “the demand of the European market, the beginning of LNG exports under the Sakhalin II project and Gazprom’s data.”
Sakhalin II oil and gas project in Russia’s Far East, which was formerly led by Shell and was recently subjected to months of intense pressure from Russian authorities, has estimated reserves of 150 million metric tons (1.1 billion barrels) of oil and 500 billion cubic meters of natural gas.
In December 2006, Russian energy giant Gazprom acquired a 50% plus one share in the Sakhalin II liquefied natural gas project for $7.45 billion.
The economics ministry said oil exports could increase to 260 million metric tons (1.9 billion barrels) in 2007 due to the growing demand on the European market and additional exports to the energy-hungry Asia-Pacific region via the Eastern Siberia-Pacific pipeline.
The pipeline is slated to pump up to 1.6 million barrels per day of crude from Siberia to Russia’s Far East, which will then be sent on to China and the Asia-Pacific region. The first leg of the project, operated by Russian state-owned oil pipeline monopoly Transneft, is to be completed in the second half of 2008.
The ministry also said exports of oil products are expected to stabilize at the level of 104 million tons in 2007-2009 and to reach 106 million tons by 2010.
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