Russia Reveals Official Data on Oil and Hydrocarbon Reserves For The First Time

July 12, 2013

The head of the Russian Natural Resources Ministry, Sergey Donskoy, has for the first time in Russia's history made public official data on the volume of oil and other hydrocarbon resources located on Russian territory, the Ministry's press-office reported.

"As of 1 January 2012, recoverable reserves of oil in Russia under category ABC1 are were 17.8 billion tons and category C2 reserves were 10.9 billion tons. The resource potential for these mineral reserves remains one of the most significant in the world", Donskoy said, according to Samotlor Express, "I am convinced that making this data public will provide a powerful boost for investments in the raw hydrocarbon production sector."

According to expert assessments by the Russian Natural Resources Ministry and the State Commission on Valuable Minerals, the country's hydrocarbon potential can provide for the Russian economy for 30 years. During the news conference, the Minister also noted that recent geophysical studies have added to the growth of reserves which is stably higher than production.

Last year, growth in discovered reserves of liquid hydrocarbons (crude oil and oil condensate) was 650 million tons, free gas reserves were 800 billion cubic meters. Furthermore, 49 new fields were discovered, including: Velikoye (Neftegazovaya komapniya AFB) with total recoverable C1+C2 reserves of 42.3 million tons; the Mazur field (Rosneft) — 39.7 million tons; the Ilbokichskoye gas field (Gazprom) 59 billion cubic meters.

Russia allocates 150-190 billion roubles (about $4.7-5.9 billion) annually from its federal budget and subsoil company funds for conducting geological surveys to study oil and gas fields. 

At the beginning of May, the Russian government adopted resolution 569 which removed raw hydrocarbons from the list of strategic types of useful minerals for which data was considered a state secret.

Source, Oil&Gas Eurasia, Samotlor Express, 2013.