Recoverable oil reserves (industrial and prospective) in Russia amount to about 29 billion tons of these resources will last for 57 years. As reported by video News Service on the Board of the Ministry of natural resources said the head of the Ministry Sergey Donskoy, citing data from the State Commission on mineral reserves of Russia.
The volume of proved oil reserves equal to 14 billion tons, said the Minister and added that this will last for 28 years.
17 Mar don also reported that proven oil reserves in Russia will last for 28 years and they will be depleted by 2044. In the total volume of hydrocarbons, the growing share of tight oil reserves, and without new discoveries the extraction of conventional reserves will start declining from 2020, he warned.
In February, Deputy Prime Minister Arkady Dvorkovich said that oil production in Russia will increase, despite a preliminary agreement to freeze production. “The agreement fixes the production at the level of January 2016. This level is higher than in 2015. So, in 2016 compared to 2015, despite the agreement, production will increase, not decrease. This is arithmetic. The forecast level of 1.5 percent,” he said.
According to the FCS, in 2015, Russia’s revenues from oil exports fell by 41.7% to 89,57 billion dollars.
