MOSCOW, September 29. /TASS/. Total oil reserves in Russia are estimated at 31 bln tons, of which only half are profitable due to the significant share of hard-to-recover (HTR) reserves, Energy Minister Sergey Tsivilyov said.

"It's worth noting that the share of oil globally is shifting toward hard-to-recover reserves. Russia's total oil reserves are estimated at 31 bln tons, but only about half of them are commercially viable due to the significant share of HTR reserves. In 2024, it accounted for about 60% of the total production volume," he said in an interview with Transeft’s corporate magazine.

"When it comes to the oil and gas industry's contribution to technological development and the search for new markets, we need to intensify geological exploration and implement new technologies. At the same time, traditional production has a strong foundation, allowing us to set a target of 540 mln tons of oil per year by 2030," he added.