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23Dec22

Investments in Russia's oil production total $20 bln in 10M, says Novak

Total investments in Russia's oil production amounted to 1.4 trillion rubles ($20 bln) in the first ten months of this year, Deputy Prime Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Friday, adding that this year's investment will be higher than last year, whereas in 2023 it might turn even more higher.

"Our companies are implementing a number of large investment projects on development of new fields, on maintenance of current production. In terms of figures, I can say that in ten months investments in oil production totaled 1.4 trillion rubles. Last year it totaled 1.5 trillion [rubles]. This means in 12 months of this year it will be even higher than last year. And next year I think investments will not be lower than this year, even higher," he explained.

"Not long ago, Gazprom adopted its investment program for 2023 worth much higher than in 2022," Novak added.

[Source: Tass, Moscow, 23Dec22]
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