Support The Moscow Times!

Oil, Gas Reserves Replaced

Russia fully replaced its oil and gas reserves in 2010 despite extracting crude at a record-high speed, the Federal Subsoil Resources Use Agency said Friday.

The agency said that according to preliminary estimates, oil and condensate reserves grew by 750 million tons this year due to oil companies’ own exploration efforts, while gas reserves increased by 810 billion cubic meters.

Anatoly Ledovskikh, the agency’s head, said “deposits owners” discovered 42 hydrocarbon fields in 2010.

The statement gave no figure for the overall reserves, which is classified in Russia.

(Reuters)


Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.