Source Pravda.Ru

Oil production to boom outmatching gas industry

In the first six months of 2004 oil production in Russia, including gas condensate, will grow by 9.9% compared to the same period last year and amount to 222 million metric tons, while gas production will be up by 2.2% to 318 billion cubic meters, the Russian Economic Development Ministry forecasts.

The figures are contained in the ministry's report "On the current situation in the Russian economy in January-April 2004 and on assessments for the year" published on Monday.

According to the ministry's information, in January-April oil production, including gas condensate, increased by 10.7% to 147 million metric tons, while gas production grew by 3% to 222 billion cubic meters.

For the whole of 2004 the ministry forecasts a growth in oil production of 6.9% to 450 million tons, in gas production by 1.1% to 627 billion cubic meters.

Primary oil refining in the specified period grew by 0.7% and amounted to 62.9 million tons. The forecast growth for the first six months and for the whole year is 1.4% to 95 million tons and 1.1% to 192 million tons respectively.

Production of automobile petrol in the first four months grew by 2.3% to 9.5 million tons, the forecast growth being 2.1% to 14.5 million tons in the first six months and 2.4% to 30 million tons in 2004.

Production of diesel petrol in January-April was up by 1.6% to 18 million tons. In the first half of the year it is expected to grow by 2.6% to 27.3 million tons and in 2004 by 1.7% to 54.7 million tons.

Electricity production in the first six months is expected to grow by 0.9% and amount to 469 billion kWh.

In January-April electricity production increased by 0.8% to 338 billion kWh, according to the ministry's information. In 2004 it is expected to grow by 1.5% and amount to 930 billion kWh.

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