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Russia’s oil reserves sufficient for 30-40 years production — minister

June 17, 2015, 7:37 UTC+3 MOSCOW
The reserves of non-traditional oil - the Bazhenov Formation in West Siberia, or Domanic Shale (unconventional shale of the Volga-Urals oil province group) and others - multiply the reserves, he said
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© Viktor Drachev/TASS

MOSCOW, June 17. /TASS/. Oil reserves at Russian conventional fields are sufficient for production within next 30-40 years, Minister of Natural Resource and Ecology Sergey Donskoi said in an interview with Komsomolskaya Pravda.

"As for the conventional oil fields, if the production amount remains, the reserves will be sufficient for 30-40 years," he said.

The reserves of non-traditional oil - the Bazhenov Formation in West Siberia, or Domanic Shale (unconventional shale of the Volga-Urals oil province group) and others - multiply the reserves, he said.

However, of importance is not just the fact of reserves, but the ways they are developed, the minister continued.

"Formerly, about 30% of conventional raw materials have been extracted," the minister said. "And now, due to new technologies, the share may be much higher."

Nowadays, production at fields is made at the depth of 3-4 kilometres. And drilling deeper even in West Siberia, Volga or Caspian regions may offer major reserves of liquid hydrocarbons.

"Plus the Arctic shelf, where production has not begun for various reasons: climate, technologies and the ecology," he said. "Besides, now many countries are focusing on unconventional deposits. Besides the shale projects, there are also gas hydrate deposits. Certain countries have been studying and testing them quite actively.".

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