MOSCOW, September 8. /TASS/. Russia has only 13 billion tons of oil reserves that are now suitable for profitable development in the current price and tax conditions, head of the Federal Agency for Mineral Resources Oleg Kazanov said in an interview with TASS.
Kazanov noted that out of 31 billion tons of Russian oil reserves, only 19 billion are currently developed, while undeveloped reserves amount to 12 billion tons.
"However, when they become proven reserves usually decrease. Moreover, out of 19 billion tons of developed proven reserves, not all of them can be economically profitable for production in the current economic situation. According to our calculations, out of 19 billion tons, only 13 billion will be really suitable for profitable development in the current price and tax conditions. As a result, we no longer get 31 billion tons, but 13 billion tons of oil reserves," he noted.
He added that if you divide this figure by the approximate annual production, it turns out that the country’s oil reserve security is 25 years.
"But do we want to be left without reserves by 2051? Even to maintain the current level of production, we need to have a constant carryover of reserves of 13-15 billion tons of oil, which should already be prepared profitable reserves. That is why we need continuous geological exploration," Kazanov said.
"There will be enough oil in Russia for any period of time provided that subsoil users are active in geological exploration and reserve replacement," he concluded.