Russia plans huge increase in gas and oil

Russia plans to massively increase its oil and gas production by 2030. Its President Dmitry Medvedev said gas production is expected to increase to 230billion cubic metres and oil production […]

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By Priyanka Shrestha

Russia plans to massively increase its oil and gas production by 2030.

Its President Dmitry Medvedev said gas production is expected to increase to 230billion cubic metres and oil production to 66.2million metric tons. The country’s current gas and oil productions are 57billion cubic metres and 13million tons respectively.

Mr Medvedev said the increase could boost Russia’s economy by around 8trillion (£158.6billion) rubles by 2030.

He added the country must prepare for a possible energy revolution, which could significantly reduce global demand for oil and gas.

He said: “We should remember that an energy revolution occurs in the world every 50-70 years and it is not yet known where we’ll find ourselves with our hydrocarbons when this period lapses and whether we’ll be of interest to anyone. We need to work.”