Russian Energy Ministry adjusting energy strategy to 2030 for U.S. shale gas
MOSCOW. Aug 30. (Interfax) - The Russian Energy Ministry plans to adjust the Energy Strategy to 2030 for the growth in shale gas production in the United States and liquefied natural gas production in the Asia-Pacific region, Energy Minister Alexander Novak told reporters.
"We're currently thinking of adjusting our Energy Strategy to take into account the challenges facing the sector in general, and the changes that have taken place in recent years, including those related to the shale revolution, the emergence of new share gas production technologies and shale oil," Novak said.
"Transport and sales flows to day differ from those that were forecast a few years ago, partly in connection with the growth in production in the U.S. itself. Companies that previously planned to supply LNG there are now abandoning it for the European market, where more LNG is being received from the Middle East," he said.
Many Asia-Pacific countries are focused primarily on LNG, Novak said. "Australia, for example, has said it plans to quadruple LNG production. We now need to look more closely at the current tendencies in the world," he said.
The Energy Strategy, approved in 2009, targets oil production to reach 530-535 million tonnes by 2030, gas - 880-940 billion cubic meters and electricity - 1.8-2.2 trillion kilowatt-hours. Russia should be exporting 329 million tonnes if oil and petroleum products and 349-368 bcm of gas. Investment in the fuel and energy sector should reach 60 trillion rubles.
The Russian Economic Development Ministry's updated forecast for 2012 suggests Russia will produce 676 bcm of gas and 514 million tonnes of oil this year.