Proved oil reserves in Russia will last until 2044

If current production proved oil reserves of Russia will last until 2044, said in an interview to “Rossiyskaya Gazeta” the head of the Ministry of environment Sergey Donskoy.

The Minister also warned that the total inventory is now growing share of tight oil and the development of such deposits represents additional complexity.

“The entry into the development is associated with low economic efficiency and requires the development of technologies. While the rate of extraction is small. Without new discoveries the extraction of conventional reserves begin to decline from 2020. Will increase the share of tight oil, could deteriorate the Economics of the projects,” said don.

In this regard, the Minister stressed the importance of prospecting and exploration of new fields even at low oil prices, and assured that the authorities intend to maintain a leading exploration company.

In particular, it is proposed to introduce a simplified procedure for issuing licenses for exploration of oil and gas based on the application of the principle, to extend the application principle for oilfields with estimated resources high categories for all types of minerals, to increase the maximum size of the granted subsoil area with 100 to 500 square meters, and the maximum number of sectors for one applicant with up to five of those.