Reuter two sources in the government said Russia plans to invest up to RUB 60 trillion in its energy sector by 2030 in a drive to boost stagnating oil and gas output.
They said Asian markets would increase their share of Russia's energy export volumes to 25% by 2030 from only 6%. One of the sources said on condition of anonymity said "Europe's share is set to decrease, although volumes will be rising."
Mr Sergei Shmatko Energy Minister said Russia Energy Strategy 2030 plan would be revised on Thursday at a government meeting presided over by Prime Minister Mr Vladimir Putin. He gave no further details.
He said that one of the government sources said the plan foresaw an increase in Russian oil output to 530 million tonnes to 535 million tonnes by 2030 from 481.1 million tonnes in 2008. Natural gas output would rise to 880 billion cubic meters to 940 billion cubic meters from 665 billion cubic meters last year.
For this, the authorities plan to set aside a total RUB 60 trillion or 5.0% to 5.5% of gross domestic product each year. Energy exports contribute a large share of Russia's budget, but oil output fell last year for the first time in a decade.