Ministry of economic development of RF decreases production prognosis and oil export in 2005

/INTERFAX-ANI, Moscow, August 18, 05/ - Ministry of economic development of RF again decreased production prognosis and oil export in 2005. As ministry's materials, prepared for meeting of the government of RF on Thursday note, oil production in 2005 is forecasted at the level 474 m. tons, this is by 3.3% exceeds index of 2004 (earlier it was forecasted 3.5%). Oil production growth rate in 2008 are forecasted at the level 7.9- 9.7% to 2004. Oil export this year, as per prognosis, will be 268.6 m. tons, this is by 4.3% higher than export volume in 2004 (earlier 5% increase was forecasted). In 2008 oil export may grow up to 287-292 m. tons. Oil production growth slowing down tendency in 2005 is caused by "insufficient infrastructure of pipeline oil transport for export, worsening of economic efficiency of export supply by railroad transport and, as a result, slowing down of oil export growth rates", materials say. Among negative factors MED also calls decrease of explored reserves growth and worsening of their structure, growth of tax burden to oil companies. Ministry of economic development also forecasts increase of gas production in 2005 by 1.3% - to 640 cub. m., this is provided by exploitation of previous big fields, outlet of project capacity of Polar field and introduction of new capacities. "Growth of gas production volumes is caused also by deformed structure of internal demand for fuel-energy resources, characterized by excessive orientation on gas", materials note. Gas production growth rates in 2008 will be 5.5-6.5% to 2004. In 2005 increase of gas export will be 203 bn. cub. m - 1.3% to the level of 2004. [2005-08-18]