Anton Inyutsyn Takes Part in 22nd World Petroleum Congress Session ‘Future of Russian Energy’

Istanbul (Turkey), July 11 – Anton Inyutsyn, Deputy Minister of Energy of the Russian Federation, spoke at the Russian Ministerial Session ‘Future of Russian Energy’ at the 22nd World Petroleum Congress.

Representatives of Russian oil and gas companies, including Transneft, Lukoil, Gazprom Neft, Zarubezhneft, took part in the discussion of the prospects of the Russian energy sphere development.

According to Anton Inyutsyn, the energy sector is still the key branch of the Russian economy. Last year alone, the total amount of investments in the fuel and energy complex exceeded 3.67 trillion roubles, while the share of oil and gas revenues in the country’s budget last year was 38%.

“In spite of the sanctions, price volatility, and EC restraining policy, all the branches of the Russian fuel and energy complex are on the rise. The oil and coal industries set the national records in extraction. Oil production reached 547.5 million tonnes, and coal production reached 385.7 million tons. For the first time in three years, gas production has increased to 640.2 billion m3. Electricity production at year-end also increased significantly: by more than 2%, and amounted to 1071.8 billion kWh,” said the Deputy Minister of Energy of the Russian Federation in his speech in relation to the state of the key sectors of the Russian energy industry.

Among the main challenges for the oil and gas industry, named by Anton Inyutsyn, was the technological revolution that increases availability of “difficult” reserves and intensifies competition in the markets. Advanced digitalization technologies, 3D exploration, controlled drilling, use of multi-stage hydraulic fracturing of layers, and other know-how allow for reduction of oil and gas production costs by multiple times.

Russia pays great attention to the development of breakthrough technologies in the oil and gas industry, in cooperation with the world’s largest companies as well.

“Today, Russia is one of the leading suppliers of energy resources in the world, the guarantor of energy security throughout Eurasia. We see huge unrealized potential for cooperation, for joint investments, and we will continue working on this potential’s implementation,” stressed the Deputy Minister.

In his speech, the Deputy Minister also highlighted the growing role of renewable energy sources, development of the gas engine fuel market, and the plans of large automakers to shift their production to electric vehicles, which all will influence the energy balance.

In conclusion, Anton Inyutsyn invited all the World Petroleum Congress participants to the ‘Russian Energy Week’ International Forum to be held on October 3–7, 2017 in Moscow and St. Petersburg. The aim of the event is to discuss the current world energy agenda, to identify the main directions for the development of branches of the fuel and energy complex, and to find optimal solutions in response to the existing challenges.

The Roscognress Foundation is the operator of the Russian Energy Week.