Explored Oil Reserves in Russia Will Last till 2015 / News / News agency Inforos
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Explored Oil Reserves in Russia Will Last till 2015

according to the Russian Ministry of Natural Resources

Russian Minister of Natural Resources, Yuri Trutnev, told a cabinet meeting on March 17 that the explored oil reserves at the existing producing oilfields would last till 2015, if no replenishment of the reserves were forthcoming.

"If nothing is done, the oil reserves at the producing oilfields will last only till 2015", the minister said.

Yu. Trutnev noted that the Ministry of Natural Resources had been working on a program of increasing the mineral reserves, which would make it possible to reach by 2020 the level of oil production of the year before last.

According to Yu. Trunev, the development of off-shore drilling would also significantly increase the level of oil production.

"We have to expand our work on off-shore oilfields, this would produce another 23-25 billion tons of conditional fuel ", said the minister, adding that it was necessary to brisk up geological prospecting activities and speed up the development of new oilfields.

"By keeping on hold the development of new oilfields we are keeping back the growth of the Gross National Product, as well as in-payments to the budget and salaries of the people", added Yu. Trutnev.
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