26 Nov 2009 14:58

Capital investment in oil sector to total $609 bln-$625 bln by 2030

MOSCOW. Nov 26 (Interfax) - Capital investment to develop the Russian oil sector in 2009-2030 will total $609 billion-$625 billion in 2007 prices, according to the Energy Strategy to 2030 approved by the government.

Capital investment will total $162 billion-$165 billion in the first phase (roughly until 2013-2015), $134 billion-$139 billion in the second (to 2020-2022) and $313 billion-$321 billion in the third (to 2030).

Of the total, $491 billion-$501 billion will be invested in production and geological exploration ($110 billion-$111 billion in the first phase, $109 billion-$112 billion in the second and $272 billion-$278 billion in the third), and refining will get $47 billion-$50 billion.

Russian oil production is forecast to total 530 million-535 million tonnes by 2030 compared with 487.6 million tonnes in 2008.