With the current level of production of energy resources in Russia, oil reserves are enough for 59 years and gas reserves for 103 years, Minister of Natural Resources and Ecology Alexander Kozlov said on Tuesday. He said that resources should be explored on a larger scale.

Kozlov noted that some deposits are already depleting, but there are also some that are not yet fully utilized. He estimated that geological research should be carried out, including in places that are difficult to access.

In April, Yevgeny Kiselyov, head of the Russian Agency for the Use of Natural Resources (Rosnedra), estimated that oil reserves would last for 58 years and gas reserves for over 60 years. However, these predictions are rule-of-thumb, because with the development of technology “these limits will constantly move,” said Kiselyov. In his opinion, every year Rosnedra reports further oil and gas reserves, the volume of which exceeds production.

Russia’s oil and gas condensate output fell by 8.6 per cent in 2020 to more than 512 million tonnes, the lowest figure in 10 years. Gas production last year was more than about 693 billion cubic metres.

By Annie Cook (photo: Novatek)