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Russia’s proven reserves of oil to suffice for 39 years, gas - for 80 years, official says

Igor Shpurov noted that Russia’s profitable oil reserves would suffice for a far shorter period than 40 years

MOSCOW, August 5. /TASS/. Russia’s proven reserves of oil and gas will suffice for 39 and 80 years, respectively, whereas coal reserves will suffice for an even longer period in accordance with updated national register data, General Director of the State Commission on Mineral Resources Igor Shpurov said in an article for InfoTEK analytical center.

"According to updated national register data, Russia’s proven reserves of oil will suffice for 39 years, gas - for 80 years, coal - for an even longer period," he wrote.

That said, a question arises as to what share of proven reserves will turn out profitable, and how fast they can be brought into development. "For oil such assessment has been provided. As a result of inventory taking 65% of technological reserves are profitable for production, they may be brought into production quite fast," Shpurov explained.

Meanwhile, the remaining part of oil reserves requires application of new technologies for production, special tax treatment, preliminary field development, he said. Russia’s profitable oil reserves will suffice for a far shorter period than 40 years, the official noted.

No inventory taking has been conducted yet on coal and gas, which is why the share of their profitable reserves is not clear so far, he added.

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