Rosnedra: Russia is provided with oil and gas reserves for decades

The Federal Agency for Subsoil Use (Rosnedra) reported that Russia’s oil reserves will meet the country’s needs for the next 60 years, and gas reserves — for more than 100 years.

However, according to the head of the agency, Evgeny Petrov, this period may vary depending on market conditions and technological progress.

In 2023, the increase in recoverable oil and condensate reserves amounted to 550 million tons, which exceeded the production volume of 530 million tons. 43 new deposits have been discovered, although major discoveries onshore are unlikely. The main increase in reserves (90%) is provided by additional exploration of existing fields. Major discoveries are expected offshore, including in the Caspian Sea, where LUKOIL has put a new oil and gas condensate field on the balance sheet.

It was also noted that the reserves of shale oil in Russia are sufficient “for more than one generation.” According to Rosnedra, 750 million tons of hard-to-recover reserves are already on the balance sheet, which indicates the availability of technologies for their profitable extraction. Developments are actively underway in this direction with the support of the government and the provision of benefits, which makes such projects economically profitable.

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