Putin calls for oil sector modernization

SEVERODINVSK, Russia, July 12 (UPI) -- Prime Minister Vladimir Putin said Russia's energy industry has reached a critical juncture, with oil production down.

He told the Severodvinsk oil and gas conference the future of the Russian oil and energy industry lies in modernization in new strategic oil and gas provinces, ITAR-TASS reported Saturday. He pointed to Yamal, East Siberia, Timano-Pechora and the abundant reserves on the continental shelf.

Putin said the possibility of growth of the Russian energy sector at the expense of old reserves and outdated technologies is almost nil.

"Obviously, oil and gas industries have reached a serious line," he said.