Today Russia To Present Full Information on Oil Reserves For First Time

July 12, 2013

Russian Natural Resources Minister Sergey Donskoy will present full information on Russian oil and gas condensate reserves for the first time since the repeal of the decision making this data a state secret. In February 2013 during a presidential commission on the fuel and energy sector, Russian President Vladimir Putin gave instructions to repeal the secrecy on reserves of useful minerals.

Removing that stipulation was the first necessary step towards moving to international classification and assessment of Russian reserves and this will allow Russia to rise to a higher position in the rating of oil states.

At the February meeting, then head of RosNedr, the Russian state subsoils agency, Alexandr Popov, stated that an audit of Russian reserves by Western companies would lower their real assessments by 30%. He said that Russian oil companies would be forced to us the services of Western analysts, because of the significant differences between Russian and Western methods of assessment.

Copyright: Vslukh, 2013.