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Russia’s Arctic off-shore oil reserves will last for 32 years — Energy Minister

Russia ranks first in the world in gas reserves and sixth in oil reserves

MOSCOW, September 27. /TASS/. Explored oil reserves on Russia’s Arctic off-shore area will last for 32 years, while gas reserves will be sufficient for more than 130 years, Energy Minister Sergey Tsivilev as part of the Russian Energy Week.

"We have large reserves in the Arctic. The explored reserves are estimated at about 17 billion tons of oil. Even if we keep producing oil on that off-shore area at the current volumes it will take us 32 years to extract them. That is only an off-shore zone. And we have 85 trillion cubic meters of gas in this off-shore zone. At the current production volumes, this will last more than 130 years," he said at the session "Russia's Fuel and Energy Industry: The Future Begins Today."

Russia ranks first in the world in gas reserves and sixth in oil reserves. However, the difficult climatic conditions and poorly developed infrastructure of the Arctic determine the low geological exploration of its seas. Over time, new large and unique hydrocarbon deposits are expected to be discovered in the region.

The seventh international forum Russian Energy Week is organized by the Roscongress Foundation with the support of the Russian government, the Russian Energy Ministry and the Moscow government. TASS is the forum’s information partner.