Arctic Portal logo

The Arctic Gateway

Offshore oil production (Photo: GettyImages)Oil production in Russia last year set a new record for post-soviet times. A total of 511 million tonnes were produced in 2011.

The production only went up one percent from 2010. The trend is unlikely to continue for the next three years.

Sergei Kudriashov, Russias vice minister of energy, confirmed this to Russian public television station Russia 24.

"We understand that in the three coming years, we are going to have a lull in the operation of new deposits. That's why the principle task now is to use the resources we have and maximise the efficiency of work in old deposits," he said.

HIs estimate is that Russia will produce around 510 million tons the next three years, but no more records will be set for a few years.

"In 2008, when oil prices were at a high, we saw a drop in production. In the last three years, we've succeeded in reversing the trend," he said.


Sunday Times

Russia 24