Alexander Dyukov Has Commented on Oil Production Plans in the Russian Federation Through the Year 2050
Annual Oil Production in the Russian Federation May Rise to 540 Million Metric Tons by the Year 2050, According to the Energy Strategy, Provided That Oil Producers, Related Industries, and Government Authorities Join Forces, Says Gazprom Neft Chief Executive Officer Alexander Dyukov
The Government of the Russian Federation approved the updated Energy Strategy through the Year 2050 in mid-April 2025. According to the document, under the target scenario, annual oil production in the Russian Federation is expected to increase to 540 million metric tons by 2050, up from 531 million metric tons in 2023, while oil exportsare projected to remain relatively stable at 235 million metric tons.
“The goals are certainly ambitious. But what other kind of goals should a national strategy set?” said Alexander Dyukov, Chief Executive Officer of Gazprom Neft, one of the largest oil companies in the country.
“When it comes to long-term plans for maintaining oil production at the level of 540 million metric tons per year, I believe these goals are realistic, assuming there is effective and coordinated cooperationbetween oil companies, businesses in related sectors, and the state.”
Dyukov explained that oil companies will be required to actively implement major production projects, including those in the Arctic and Eastern Siberia. Related industries must focus on the development of necessary technological solutions for these projects and the delivery of high-quality domestically manufactured equipment. As for the government, it must ensure a flexible tax policy that provides incentives for the development of new classes of hydrocarbon reserves.
“With regard to oil refining, the primary task is to complete the large-scale modernization of oil refineries, and to maintain the stable operation of all production facilities, including by ensuring reliable servicing and access to spare parts. This will make it possible to meet the growing domestic demand for high-quality petroleum products,” Dyukov added.
He also emphasized that further development of petrochemical manufacturing has become another priority for public authorities.
According to Dyukov, Russian oil producers generally view the new Energy Strategy as a comprehensive and well-prepared document, and the process of drafting it was as open as possible to business participation.
“At the same time, the strategy is a framework document, and its development represents only the first step. What will follow is the further detailing of objectives and implementation plans in sectoral master plans and roadmaps, along with coordinated efforts between state agencies and industry companies to achieve the key objectives set forth in the Energy Strategy,” Dyukov concluded.
