Proved oil is enough for Russia for a generation and a half

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    Russia’s proven oil reserves will last for 39 years, gas for 80 years, and coal for even longer.

    “The explored oil reserves, according to the latest state balance sheet, will last Russia for 39 years, gas – for 80 years, coal – for an even longer period,” – wrote in an article for the analytical center “InfoTEK” the head of the State Commission for Mineral Reserves (GKZ) Igor Shpurov. He noted that the important question is what share of the reserves will be profitable and how quickly they can be put into development.

    “For oil, such an assessment was made. According to the results of the inventory, 65% of technological reserves are profitable for production, they can be put into operation quite quickly,” writes Igor Shpurov. He believes that the rest of the reserves will require new mining technologies and special tax regimes. The state is already stimulating this direction, and the main mechanism will be the law on landfills where new technologies will be tested. Some companies have received licenses to create such landfills and are already organizing them in areas with hard-to-recover reserves.

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    An inventory of gas and coal reserves was not carried out. Therefore, the share of profitable is still unknown, added the head of the GKZ.

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