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Russia’s oil reserves to grow by 470 mln tons in 2023, gas reserves to add 630 bcm

According to preliminary data, the scale of geologic exploration by subsoil users will remain at the level of 2022

MOSCOW, November 23. /TASS/. Increment of Russia’s oil and condensate reserves following exploration activities may total 470 mln tons in 2023, while gas reserves may grow by 630 bln cubic meters, a source in the Federal Agency for Mineral Resources told TASS.

According to preliminary data, the scale of geologic exploration by subsoil users will remain at the level of 2022, the agency noted.

Investments by subsoil users on geological exploration of hydrocarbon feed in 2023 and 2024 are expected to keep the trend of previous years, the agency added. In particular, investments amounted to around 300 bln rubles over the past years, while in 2022 they reached 315.7 bln rubles.

Deputy Prime Minister Alexander Novak said earlier that Russia’s oil and gas production in 2023 was projected at 527 mln tons and 642 bln cubic meters, respectively. Consequently, gas production may be almost fully replenished with new reserves by the end of the year, while oil output may be replenished by 81%.