Russia currently possesses about 31 billion tons of recoverable oil reserves, enough to be exploited for more than 60 years with the current production level.
This information was announced by Russian Deputy Prime Minister Aleksandr Novak during a working trip to the Federal territory of Sirius, when he exchanged with students about the oil and gas industry, global energy trends and Russia's role.
According to Mr. Novak, Russia is currently ranked fourth in the world in terms of exploitable oil reserves, only after Saudi Arabia, Iran and Iraq. The total global commercial oil reserves are currently about 176.7 billion tons. If only exploitable reserves are profitable in the current conditions, Russia's oil resources are sufficient for about 62 years.
However, the Russian Deputy Prime Minister emphasized that it does not mean Russia will run out of oil after 6 decades. He said that each year the country adds new reserves thanks to exploration and drilling activities. The strategic goal is to ensure sufficient reserves for the next 30 to 50 years, maintaining a balance between production and finding new sources.
Mr. Novak also said that oil currently accounts for about 30% of the global energy structure and demand will continue to be strong in the coming time, mainly thanks to transportation and petrochemicals.
Previously, he affirmed that the Russian oil industry still maintains stability despite Western sanctions, and contributes about 10% of global crude oil production.
Currently, Russia operates about 3,500 oil fields across the country, including in Sakhalin, the Arctic continental shelf and East Siberia. Last month, the energy corporation Gazprom Neft announced the discovery of a new oil field on the Yamal Peninsula named Kontorovich, with estimated geological reserves of 55 million tons. This is considered the largest discovery in this region in the past 3 decades.
The announcement of sufficient reserves for more than 60 years was made in the context of the world energy market being volatile due to geopolitical conflicts and efforts to shift to clean energy. Although many economies are promoting reduction of fossil fuel dependence, Russia believes that oil still plays a central role in global energy balance in the near future.
Analysts believe that the announcement of reserve size is not only of economic significance but also a message affirming Russia's position on the world energy map, especially when geopolitical competition and sanctions continue to affect the country's oil and gas industry.
