Russia Must Prepare for Energy Revolution – Medvedev

Russia must prepare for a possible energy revolution which could significantly reduce global demand for oil and gas, Prime Minister Dmitry Medvedev said on Thursday.

“We should remember that an energy revolution occurs in the world every 50-70 years and it is not yet known where we’ll find ourselves with our hydrocarbons when this period lapses, and whether we’ll be of interest to anyone. We need to work,” Medvedev told a government meeting on Thursday.

The Russian government expects to reap about 8 trillion rubles ($250 billion) from its continental shelf development program to 2030, Medvedev said.

“In total, the economic effect will reach an estimated 8 trillion rubles. The socio-economic, i.e. indirect effect, will amount to over 1.1 trillion rubles,” he added.

The program will help Russia raise crude oil output from the continental shelf by 2030 to 66.2 million tons and natural gas production to 230 billion cubic meters, compared with 13 million tons of oil and 57 billion cubic meters in 2011, Medvedev said.


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