The Ministry of Natural Resources of the Russian Federation Has Commented on the Profitability of Oil Reserves in the Country

Russia's revenues from oil and gas sales in April this year fell by about 12% compared to the same month last year.

The Ministry of Natural Resources of the Russian Federation Has Commented on the Profitability of Oil Reserves in the Country

Only 13 billion out of 31 billion metric tons of oil reserves in the Russian Federation are considered economically viable, while the majority are hard-to-recover reserves, and at the current production rate, the total reserves will last for 26 years, according to Alexander Kozlov, the Minister of Natural Resources and Environment of the Russian Federation. Kozlov explained that Russia currently possesses 31 billion metric tons of oil reserves a…

The head of the Russian Ministry of Natural Resources, Aleksandr Kozlov, revealed how long the exploitation of proven oil reserves will last. Total oil reserves in Russia are estimated at 31 billion tons, but only one third of them are profitable.

Oil, the economic engine of the Russian Federation in recent decades, is on the verge of becoming a finite resource. According to the Russian Minister of Natural Resources, Aleksandr Kozlov, Russia's explored oil reserves will last only another 26 years of extraction if the current pace of exploitation is maintained – about 500 million tons per year. The statement was made on Wednesday, May 21, in the State Duma plenary session, and the figures …