Russia's Active Oil Reserves Enough For 23-25 Years At Current Production Level - Official

Russia currently has active oil reserves enough for 23-25 years at the current level of production, head of the Russian Federal Agency for Mineral Resources (Rosnedra) Yevgeny Kiselyov said on Monday.

MOSCOW (UrduPoint News / Sputnik - 17th December, 2018) Russia currently has active oil reserves enough for 23-25 years at the current level of production, head of the Russian Federal Agency for Mineral Resources (Rosnedra) Yevgeny Kiselyov said on Monday.

"At present, we have enough oil reserves for 23-25 years at current production levels," he told Russia's NTV broadcaster.

At the same time, Russia will replenish reserves every year, Kiselyov noted.

"Thus, this bar is constantly moving forward and corresponds to global levels and even exceeds them," Kiselyov said.

In November, Kiselyov said that the increase in oil reserves in Russia without gas condensate in 2018 is expected to be at the level of 520-530 million tonnes, lower than forecast production. In general, hydrocarbons reserves will increase by the level of production, he said. In 2017, increase in Russian oil reserves amounted to 550 million tonnes.

Russian oil production in 2018 is expected to stand at 553-555 million tonnes, Russian Energy Minister Alexander Novak said in October.