Russian energy minister Alexander Nowak described Russia’s oil and gas reserves in an interview with Russian media.
| EDTA |
Russia’s energy minister pointed out that there are a large number of proven oil and gas reserves in the world. The main problem facing countries and oil companies at present is how fast to monetize these reserves. Many countries in the world have oil and gas reserves of more than 10 years, 15 years, 20 years or even higher.
According to current production calculations, Russia has more than 100 years of natural gas reserves. Up to now, Russia’s oil reserves (Class B and Class C) have reached 29 billion tons. Of course, there are two kinds of oil reserves: commercial exploitation and commercial non-exploitation.
Russian Energy Minister Nowak pointed out that commercial exploitation depends on the financial system for the oil industry. Nowak added that under the current financial system, about 50 percent, or 15 billion tons, could be exploited commercially. Russia’s oil production in 2018 was 556 million tons, which corresponded to a simple division of about 30 years, which was only commercially recoverable reserves.
| Melamine |