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Share of hard-to-recover oil reserves output in Russia will be 70% by 2050 — Deputy PM

Alexander Novak noted that the Russian government does not rule out introducing additional benefits for hard-to-recover reserves

MOSCOW, November 21. /TASS/. The share of production of hard-to-recover oil reserves in Russia may increase from the current 30% to 70% by 2050, Russian Deputy Prime Minister Alexander Novak said at a meeting of the Federation Council Committee on Economic Policy.

"Today about 30% of our production which - 166 million tons - is extracted from hard-to-recover reserves. And this share will grow. We expect that by 2050 this share could grow to 70%," he said.

Novak added that the Russian government does not rule out introducing additional benefits for hard-to-recover reserves.

"Due to the fact that our structure of reserves and produced oil is moving towards hard-to-recover reserves, we will need to create conditions to ensure that production volumes are maintained in accordance with our plans," the Deputy Prime Minister noted.

He also recalled that Russia has adopted a federal project for the development of hard-to-recover deposits. Alongside with the incentive measures this project focuses on the development of technologies.

"In order to extract hard-to-recover reserves, you need to have the appropriate technologies. Our companies are doing this, developing special auxiliaries and equipment," Novak said.

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Alexander Novak

Anti-Russian sanctions

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