Russia's Energy Strategy to 2050 assumes production of liquid hydrocarbons at 540 mln tonnes, gas at more than 900 bcm, coal above 600 mln tonnes

MOSCOW. Dec 18 (Interfax) - The Energy Ministry has outlined the key tasks of Russia's Energy Strategy through 2050, which is currently in development.

The document is set to be approved by a government order.

The key paradigm underlying the strategy is the use of all types of energy.

"The new Energy Strategy outlines the key tasks through 2050: effective resource development, including full supply to meet domestic market needs; technological leadership - the creation of domestic materials, equipment and technologies, and the training of the workforce," the ministry said.

"The planned level of liquid hydrocarbon production by 2050 will reach 540 million tonnes, gas production will be around 900 billion cubic meters, and coal production will exceed 600 million tonnes," it said.

The accumulated investment in the fuel and energy sector by 2050 in the target scenario will amount to 395 trillion rubles, with approximately 80% allocated to the oil and gas industry. The direct economic impact from the fuel and energy sector will be around 17 trillion rubles annually, taking into account the cumulative effect on related industries.

The strategy presented to MPs, companies and senators on November 22 considered four development scenarios - the 'inertial' and 'target' versions, and the extreme 'stress' and 'technical potential' scenarios, sources familiar with the situation told Interfax.

According to the target scenario outlined in the document, Russian oil production including condensate will rise from 531 million tonnes in 2023 to 540 million tonnes by 2030 and will be maintained at this level until 2050.

Gas production under the target scenario is expected to grow from 637 bcm in 2023 to 853 bcm by 2030, to 965 bcm by 2036 and to 1.1 trillion cubic meters by 2050. The inertial scenario projects that gas production will rise to 813 bcm by 2030, to 884 bcm by 2036 and to 922 bcm by 2050.

Under the inertial scenario, coal production in 2050 is projected to reach 486.4 million tonnes while the target scenario anticipates 600.5 million tonnes, compared to 438.7 million tonnes in 2023.