Sputnik reported that in 2023, Russia will open 30 hydrocarbon mines, the largest of which is on the Caspian Sea and in the Orenburg region. Concentrated oil and gas holdings could increase by 470 million tons and 630 billion cubic meters, respectively.
Although investment in geological exploration has decreased, what was found is almost completely enough to meet the current energy consumption level of the year.
The large field, named R.U.Maganov, with reserves of 8.4 million tons of oil and 136 billion cubic meters of gas, was discovered by experts from the Lukoil oil and gas company on the Caspian sea continental shelf.
Another mid-sized field, named V.P.Orlov, contains 7.5 million tonnes of oil discovered by Gazprom Neft in the Orenburg region. The remaining mines are small or very small.
According to the calculation of the full-time ministry, by the end of the year, Russia's hydrocarbone reserves will be supplemented with 470 million tons of oil and 630 billion cubic meters of gas. This volume ensures that it will meet most of the exploited output in 2023.
According to Russian Deputy Prime Minister Alexandr Novak, the total annual oil production is 527 million tons, the gas production is 642 billion cubic meters.
Analysts explained that the discovery of new reserves does not affect oil and gas prices, because from the time of deciding to invest in development until receiving the product, the most favorable time is 1 to 2 years.
For mines located far away, it will be more complicated and difficult, and infrastructure must be built from zero, including access roads and pipelines. This stage takes 5 to 7 years.
For example, Rosneft started implementing the Vostok Oil project right before the COVID-19 pandemic, but it will not be able to exploit the first batches until 2024. The investment cycle of the oil industry continues.
These new mines are mainly to supplement the exploitation volume. If the exploration begins after the old resources are exhausted, there will be a long interruption in production activities. Therefore, companies never stop searching.
The budget for the geological exploration phase is determined corresponding to the resources that need to be supplemented and the proposed work items.
In addition, seasonality is very important for some regions. Transportation to Eastern Siberia is carried out in the winter, while drilling on the continental shelf of the Arctic can only be carried out during a short summer period - most of June to October.
According to Associate Professor, Dr. Alexandr Arsky, Professor of Economics at the Faculty of Logistics at the Russian Government's University of Finance, the newly exploited volumes will be easily sent to the East and used in joint projects with Kazakhstan, Uzbekistan and Turkmenistan.
