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Russia can produce 50 mln T of hard-to-recover oil by 2020

Reuters - UK Focus

MOSCOW, Feb 5 (Reuters) - Russia can produce 50 million tonnes of hard-to-recover oil annually by 2020 and another 25 million tonnes a year from its offshore fields, Deputy Energy Minister Kirill Molodtsov said on Thursday.

"This is an absolutely realistic task even with issues related to sanctions, technologies," he told a business meeting.

Russia, the world's top oil producer, was hit by Western sanctions over the Ukraine crisis which limit some of its largest firms' access to global capital markets and curb cooperation with foreign companies in the Arctic, shale oil or deep water exploration. (Reporting by Denis Pinchuk; writing by Katya Golubkova, editing by Elizabeth Piper)