Russia has sufficient reserves to produce 600 million tons of oil every year for the next 30 years, Natural Resources and Environment Minister Sergei Donskoi said Wednesday.
Donskoi told the Federation Council that Russia has 12.5 billion tons of known oil reserves, while less detailed studies indicate that a total of 50 billion tons of oil could be ripe for extraction, Donskoi told the Federation Council, RIA Novosti reported.
Furthermore, if Russia develops its ability to extract oil from hard to reach, unconventional sources, annual production could increase by 20 million tons by 2032, allowing it to rake in $60 billion in taxes, he added.
Russia, the world's biggest producer, pumped more than 520 million tons of oil last year, with high prices facilitating the boost in output.
In 2012 Russia produced 518 million tons of oil, up from 511.4 million tons in 2011.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
