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Russian Arctic shelf recoverable reserves reach 447 Mt of oil, 10 trillion cub m. of gas

September 15, 2015, 10:38 UTC+3 ST. PETERSBURG
The initial recoverable hydrocarbon resources of the Arctic region total 258 bln tons of reference fuel and 60% of all hydrocarbon resources of Russia
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© ITAR-TASS/Sergey Savostyanov

ST. PETERSBURG, September 15. /TASS/. The initial recoverable proven reserves of the Arctic shelf of Russia make up 447 mln tonnes of oil and 10.142 trillion cubic meters of gas, Deputy Energy Minister Kirill Molodtsov said Tuesday.

According to him, in general, initial recoverable proven reserves of the Arctic region of Russia amount to 7.652 bln tonnes of oil and 66.932 trillion cubic meters of gas.

Molodtsov noted that the initial recoverable hydrocarbon resources of the Arctic region total 258 bln tons of reference fuel and 60% of all hydrocarbon resources of Russia.

According to the official, oil production on the Russian shelf will reach 50 mln tonnes per year by 2035, 33 mln tonnes - on the Arctic shelf.

According to the forecast of the Energy Ministry, the production of shelf oil will increase from the current 17 mln tonnes to 20 mln tonnes by 2020 and further increase to almost 10% from total production in the country (50 mln tonnes against 525 mln tonnes).

At the same time the Energy Ministry expects the annual production on the Arctic shelf in 2020 to amount to 3 mln tonnes, and to increase to 33 mln tonnes by 2035.

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