© AP Photo/Jae C. Hong
© AP Photo/Jae C. Hong


Oil production in Russia will be about 537 mln tonnes in 2017, followed by decline, First Deputy Energy Minister Alexey Teksler said on Tuesday on the sidelines of the National Oil and Gas Forum.

“We assume we will reach the plateau. A long-term fluctuation is most likely [after reaching the oil rate plateau – TASS] to take place then. My forecast for the next year – 537 mln tonnes,” the official said.

Russia produced the record-breaking 534 mln tonnes in 2015. The Energy Ministry expects production will rise to 536-540 mln tonnes this year.

The official noted that Russia would export about 254-255 mln tonnes of oil in 2016.

“254-255 mln tonnes,” the official said responding to the question regarding the ministry’s oil export outlook for 2016.

Russian companies will refine about 274-275 mln tonnes of oil this year, Teksler said.


Rosneft may not be privatized this year

According to Teksler, the Russian Energy Ministry admits the Russian oil major Rosneft may not be privatized in 2016.

Russian President Vladimir Putin announced the decision of the state to sell stakes in Rosneft, Bashneft, VTB, Alrosa, and Sovcomflot in 2016.

Russia’s Rosneftegaz holds over 69.5% shares in Rosneft. BP holds 19.75% in the Russian oil major.

As for Bashneft, it’s going to be privatized this year.

The federal government’s stake in the oil producer was discussed, Teksler said. Criteria for potential strategic investors into Bashneft will be determined and discussed in the government later on, he added.