Total investment in Russian oil sector rose by 19 percent in 2016 to 1.2 trillion rubles compared to 2015, said Russia's Energy Minister Aleksandr Novak on Friday.
Speaking at a meeting in the capital Moscow, Novak said that capital investments made in the Russian oil industry rose by 19 percent to 1 trillion 210 billion rubles (about $ 21 billion) compared to the previous year.
Novak said that oil production and exploration drillings in Russia also had an average increase of 13 percent in 2016 compared to the previous year, and Russia's oil production is expected to reach 548 million tons this year.
According to data provided by the Federal Customs Service of Russia (FTS), the country's oil export revenues increased by 68.4 percent in January to $ 7.4 billion compared to the same month of the previous year.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer