Russia plans to massively increase its shelf gas and oil production by 2030, President Dmitry Medvedev said Thursday.

Continental shelf gas production is slated to increase to 230 billion cubic meters from a current 57 billion cubic meters, while shelf oil production is expected to increase to 66.2 million metric tons from 13 million tons, Medvedev said.

The economic effect from the shelf development program will total 8 trillion rubles ($247 billion) by 2030, Medvedev said.

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