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Novak on oil and gas resources in RUSSIA

28 February 2019 Petrochemistry

Oil reserves in Russia are formed for 30 years ahead, gas reserves – 100 years. This information was confirmed by RF Energy Minister Alexander Novak.

According to Energy Minister presently, there are many explored reserves of hydrocarbons. Taking into account the extracted volumes, this amount will be enough for Russia for more than 100 years. Novak also pointed out that presently the most important issue for oil extracting countries and companies is how fast one should  monetize these reserves.

As for oil reserves (category B and C), presently they comprise 29 milliards of tons. These reserves are divided into two types – commercially extracted and commercially non-extracted. More than 50% - that is 15 milliard – are commercially extracted, - the minister explained.

“Last year we extracted 556 million tons, which corresponds to approximately 30 years – these are commercially extracted reserves”, - he summed up.

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