10 Nov 2021 13:18

Premature to talk about twilight of oil era, reserves must be monetized - Shulginov

MOSCOW. Nov 10 (Interfax) - Russia needs to stabilize oil production amid the energy transition, Energy Minister Nikolai Shulginov said.

"We believe that production will total about 560 million tonnes in 2023-2024. Our objective is to ensure the competitiveness of our resource on the world market, not chase only after the production figure," Shulginov said in an interview with Kommersant published on Wednesday.

"We must also make changes to the energy strategy, possibly the general plan for the oil, gas and coal sectors based on the strategy for low-carbon development, and extend the planning horizon to 2050," Shulginov said.

"It is now 2021, in my view it's still early to talk about the twilight of the oil era. We need to monetize reserves. I'll note that we're not the only ones who take such an approach, our foreign partners do too," Shulginov said.