"The existing crude basis is sufficient to reach the annual oil output of 550 million [metric] tons," Sergei Oganesyan said.
He said that if relevant measures were taken, output would grow, especially in East Siberia and that no decline in oil production had been registered in the first ten days of 2006.
"Unfortunately, most Russian [oil] fields are located in a zone with severe weather conditions and a temporary decline in oil production is normal," he said.
Oganesyan also said Russia's oil and gas sector required significant investments or the annual decline in oil production would hit 40 million metric tons.
According to Oganesyan, Russian crude reserves could last for 15 years, but that does not mean that oil production will stop.
"We are extending reserves," he said.
