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Russia oil output may rise 11% by 2015

Russian oil production may rise 11% from its most recent levels to 540 million tons a year (about 10.8 million barrels a day) by 2015, an industry and energy ministry official said.

Oil exports may increase 35% to 300 million tons, with China accounting for 5%, or about 15 million tons, of that, Europe 23% and the US 1%, Vladimir Saenko, head of state energy policy at the ministry, said at a conference in Shanghai today. Russia's average daily oil output in November was 9.75 million barrels a day, or 39.9 million tons, up 0.3% from 9.72 million barrels a day the previous month, the ministry said last week.

Exports dropped 4.6% to 4.47 million barrels a day in November. The nation's natural gas output may reach 754 billion cubic meters by 2015, 280 billion cubic meters of which will be exported, Saenko said. Russia produced 598 billion cubic meters of gas last year, according to BP Plc's annual statistical energy review. Russia's refineries may achieve production of 230 million tons a year by 2015, he said.

Russia currently exports about 8 million tons of oil a year to China, Saenko said at the third Sino-Russian-Kazakh oil and gas conference. The nation may expand the capacity of its east Siberian pipeline to 80 million tons a year by 2015 from 33 million tons, he said. (Bloomberg)