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Russian 2005 oil output up 1.7% to 470mln mt

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MOSCOW, January 10 (RIA Novosti) - Russia produced 470.196 million metric tons (9.44mln bbl/d) in 2005, according to preliminary data from the Central Dispatch Unit of the Energy and Industry Ministry.

The figures represent an annual growth rate of 1.7%, compared with the 8.7% that the country achieved in 2004.

Production fell short of most predictions for 2005, largely as a result of several successive months of falling output at the start of the year, as the financial problems of embattled giant Yukos took their toll on the company's operations.

Production in December climbed back to 9.65mln b/d, the level initially forecast by the International Energy Agency for the whole of 2005. Russia's Economic Development and Trade Ministry in August predicted output of 474mln mt, or 9.52mln bbl/d.

The ministry at the same time said it saw production at 487mln mt in 2006, and 495mln mt in 2007. Meeting that 2006 figure would now require growth of 3.6% from 2005 levels.

Energy Minister Viktor Khristenko said in October that Russian production could hit 530mln mt/yr by 2015, with exports reaching 310mln mt/yr.

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