(MENAFN) Russian Energy Minister, Alexander Novak, stated that over the coming 10-20 years, the country's oil output could decline to 370 million tons, from 500 million tons, reported Xinhua News.
Novak added that the drop could happen if the country doesn't attract enough investments in the industry, particularly, in the new off-shore and tight oil fields.
He said that Russia, which produces more than 10 million barrels per day (bpd) of crude oil at the current time, must outline legal and regulatory actions to create incentives for investors.
It is worth noting that Russia's Rosneft, the energy company inked a contract with US Exxon Mobil to jointly develop a tight oil deposit in western Siberia.
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