Russian profitable oil reserves will last for the next 20 years

The Federal Agency for Mineral Resources of Russia (Rosnedra) has assessed the country's provision of profitable oil reserves. According to Rosnedra forecasts, the current fuel reserves should suffice for the next 20 years. Evgeny Petrov, acting head of the institution, informed TASS at the Tyumen Oil & Gas Forum about this.

“Profitable reserves [of oil will be enough] for about 20-21 years”, the expert said. The acting head of Rosnedra also added that this time period will increase with the technology development for hard-to-recover fuel reserves.

In addition, Petrov has noted that Western Siberia is the most promising Russian federal subject for exploration of oil and gas reserves. According to him, this region has active potential for many more years to come.

Moreover, the acting head of Rosnedra indicated that, for instance, the development of hydrocarbon deposits in Eastern Siberia currently is unprofitable. The main reason is a lack of necessary infrastructure.

As a reminder, the Tyumen Oil & Gas Forum (TNF 2021) takes place at the West Siberian Innovation Center in Tyumen from 14th to 16th of September.

Earlier, the Ministry of Energy ruled out the possibility of fuel shortage in the Russian market.