Russia’s Oil and Gas Reserves to Expire by 2015 and 2025 — Ministry
Created: 14.10.2004 17:57 MSK (GMT +3), Updated: 18:43 MSK, 2 hours 3 minutes ago
Economic reserves of oil in Russia may be depleted by 2015 if the current rates of extraction and exploration remain the same. This expert opinion was quoted on Thursday, Oct. 14 by the Russian Ministry of Natural Resources, Itar-Tass news agency reported. Economic reserves of natural gas and gas condensate will last longer, but may be depleted by 2025.
Natural Resources Minister Yuri Trutnev held a meeting dedicated to the introduction of a long-term state program which seeks to establish a balance between extraction and exploration of oil and natural gas. The minister said that if his agency is able to realize its program the budget revenues from resource extraction tax will grow to 400 million rubles ($13.7 million) a year, up from 330 million rubles ($11.3 million). The effectiveness of geological exploration works will amount to 70-100 rubles for every ruble invested, promised Trutnev.
To realize the government program of examination and reproduction of Russia’s mineral wealth 1.784 trillion rubles ($611 billion) will be needed over a 15-year period. This sum includes prospecting work, evaluation and exploration as well as the scientific support for the operations.
Quelle: MosNews