Russian Ministry of Energy :Sanctions against Russia not to have significant impact on offshore oil production

In 2014, refining in Russia will grow by 4%, after the tax manoeuvre in 2015-2016, its depth can be increased to more than 80%, said the Deputy Head of the Ministry of Energy, Kirill Molodtsov In 2015, by 10% more liquid hydrocarbons will be produced in Eastern Siberia. The Ministry believes that the sanctions won’t have a significant impact on the offshore industry. The Ministry forms the FEC's development strategy, based on the price of oil at the level of $80-90 per barrel.

"Over the last three years, there was a significant growth (of the production), and the growth continues in the regions of Eastern Siberia. If this year the volume of the production and pumping in the easterly direction is expected to be 25 million tons, in the future ... we expect about 10% growth,"- said K.Molodtsov at the round table "The long-term prospects of the oil