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The Minister warned about the depletion of Russian oil in 28 years

Глава Минприроды предупредил об истощении запасов российской нефти через 28 лет

Proved oil reserves in Russia will last for 28 years, they will be depleted by 2044 year. About it in interview to “Rossiyskaya Gazeta” said the head of Ministry of environment Sergey Donskoy.

He stated that recoverable oil reserves amount to 29 billion tons. Don emphasized that these quantities can be extracted theoretically. “However, the volume of proved reserves (which we know exactly where and how to retrieve), according to experts, less than half, about 14 billion tons. In terms of proven reserves, provision of production will account for only 28 years,” he added.

The Minister also announced that the total volume of hydrocarbons grows, the share of tight oil reserves. “Without new discoveries the extraction of conventional reserves begin to decline from 2020,” he said.

According to the Central dispatching control (CDC) of the FEC in February, Russia has increased oil production by 5.3 percent compared to the same period last year. Total for the month was produced by 43.1 million tons.

In 2015, Russia’s revenues from oil exports fell by 41.7% to 89,57 billion dollars, reported by the TCF in February.

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