Projects for developing Transenft’s pipeline infrastructure would enable to increase Russia’s crude oil exports including delivery to Europe, Asian-Pacific Region and the USA, say the experts with Argus Media specializing in crude oil prices information commenting on the IP Week that closed in London.
Management of Transneft affirmed their plans for bringing the Baltic Pipeline System capacity to 60mln tons of crude oil as well as for increasing the exports capacity to at least 255mln t next year.
Argus’ experts are somewhat anxious seeing Russian crude oil production decreasing over the last two years. Thus, the crude oil output in 2004 exceeded that of 2003 by 9 percent. As per forecasts, the figures in 2005 will be 480-485 mln tons, making a 7% increase as against the previous year. The current oil reserves in the Russian Federation would range from 69 to 110 bln barrels as per the most conservative estimates. These reserves will be enough for the next 40 years, NewsInfo reports.