Russian Shelf Oil Output Seen at 90M Tons by 2020

Russia's Natural Resources Ministry expects output on the Russian shelf could reach 90 million metric tons of oil and up to 150 billion cubic meters of natural gas annually by 2020, the Prime-Tass news agency reports, citing Sergei Fyodorov, director of the ministry's department for state policy.

The ministry plans to auction licenses for exploration of 20 fields in the Barents and Pechora seas in the next two years, he said at an oil and gas conference in Paris. Licenses for other fields in the Barents Sea and most accessible fields in the Kara Sea will be distributed in 2011-2020, he said.

As a result of exploration, the already estimated reserves at Russia's offshore fields may increase by 2 billion-3 billion tons of oil and by 3 trillion-5 trillion cubic meters of gas, Fyodorov said.

Initial recoverable reserves of Russia's offshore fields are estimated at 90 billion-100 billion tons of oil equivalent.

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