Russia has had enough oil for 59 years and enough natural gas for 103 years

Russia has had enough oil for 59 years and enough natural gas for 103 years

Russian Resources Minister Alexander Kozlov on 11/5 said that the country’s oil reserves, at current production levels, are enough to provide for 59 years and natural gas is 103 years.

Photo caption A Russian oil facility in the Caspian Sea. Photo: AFP / VNA

Mr. Kozlov also said that there is a need to develop geological exploration in difficult to reach places and increase transport along the Arctic Ocean.

Earlier, the director of the Russian Natural Resources Department (Rosnedr), Evgeny Kiselev, said that with the current technological level, Russia’s oil reserves are sufficient for 58 years, of which profit is sufficient for 19 years. According to him, Russia has enough gas for more than 60 years in any economic development scenario.

According to Interfax’s May 2 report, Russia’s oil and condensate output in April 2021 increased 2% compared to March 2021, to 10.46 million barrels / day.

Under the agreement in March between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC +, Russian production from April is allowed to increase by 130,000 barrels / day to 9.379 million barrels / day. date, excluding condensate gas output and type of light oil.

Thereby, Russia’s total oil and condensate production in April was raised to 42.81 million barrels, approximately 43.34 million barrels in March, although there was less than one day of production.

The Russian Energy Ministry did not specify the output of crude oil. Russia usually produces condensate about 700,000 – 800,000 barrels / day.