MOSCOW, May 28  -- Russia's existing oil deposits could guarantee annual production of 600 million tons for the next 30 years, Minister of Natural Resources Sergei Donskoi said Wednesday.

"Russia possesses substantial potential to expand its oil reserves," Donskoi told a meeting in the State Duma, or lower house of parliament.

He said 12.5 billion tons of oil reserves had already been identified, with some estimations this could increase to 50 billion tons.

The minister argued that, instead of investing in alternative energy sources, the government should pay closer attention to the traditional sources, which were easier and cheaper to develop.

The Russian government plans to increase oil production, boosting tax revenues by 60 billion U.S. dollars by 2032.

Currently, Russia produces nearly 11 million barrels (about 1.5 million tons) per day, providing more than 13 percent of the world's oil output. The Russian economy heavily relies on world oil prices, with oil exports accounting for some 10 percent of Russia's gross domestic product.