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20Sep21

Russian oil reserves to suffice for 30 years with current production level

Russia’s geological holding Rosgeo estimates the country’s reserves of oil and gas at 30 and 70 years respectively at the current production level, according to the holding’s presentation.

Moreover, reserves of diamonds and zinc will suffice for almost 20 years, gold - for more than 10 years, lead - for 10 exactly years, while chromium reserves are estimated at less than five years, according to Rosgeo.

"Over the past 25 years there have been ten times less new reserves discovered than in the previous 25 years, with many Soviet deposits being depleted," the presentation said.

Acting Head of the Federal Agency for Mineral Resources Yevgeny Petrov told TASS earlier that the country’s current viable crude reserves would suffice for 21 years.

Meanwhile, Chief Executive Officer of Gazprom Aleksei Miller said at the 24th Annual General Meeting of the International Business Congress that he estimates Russia’s gas reserves at more than 100 years.

[Source: Tass, Moscow, 20Sep21]
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