Russia announces oil and gas reserves.
According to Alexander Kozlov, head of Russia's Ministry of Natural Resources, the country's oil and gas reserves will last for many more years at current production levels.
In his opinion, supplying all of Russia's oil reserves at current production levels would take 59 years, and natural gas 103 years.
"The guarantee period for all oil reserves with current production is 59 years, and for natural gas 103 years. But we understand that this is a general balance across the fields. Some fields are being released and some are not yet at full capacity," Kozlov said.
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| A Russian gas preparation and transportation complex. Photo: Ria Novosti |
In any case, it is necessary to develop geological exploration, even in hard-to-reach places. We are facing the task of ensuring the work of the Northern Sea Route, where hydrocarbons will become its main basis,” the Minister emphasized.
He noted that maintaining the costs of developing difficult-to-extract oil is a challenging task.
"We are supported by the cost of the final product. Our foreign partners do not allow us to use certain technologies," Kozlov said.
"But the development of technology in Russia contributes to the creation of many new jobs, because many people work in the industry, not only in production and processing, but also in related fields, such as oilfield services. And the state supports our companies by taking on part of the responsibilities, for example, geological exploration," said Kozlov.