Russia declassifies data on oil, associated gas reserves

(Interfax  – MOSCOW, July 9, 2013) Russia will no longer classify data on reserves of oil and dissolved gas in oil under a government resolution signed by Prime Minister Dmitry Medvedev on July 5.

The declassification will simplify procedures for providing information about original oil and associated gas in place, the Natural Resources and Environment Ministry said previously. It will also increase the investment appeal of oil fields and expand the horizons for exploration work.

“At present, when foreign investors are operating in the Russia fuel and energy complex, and domestic companies and resource users undergo international audits of reserves, classifying data on hydrocarbon reserves in the country has a negative effect on the investment appeal of the national fuel and energy complex in the international arena, holds back development of geological study and development of the hydrocarbon resource potential,” the explanatory note attached to the resolution says.

The issue of declassifying the reserves data was first raised in 2007. At that time a meeting chaired by then-Natural Resources Minister Yury Trutnev moved to draw up proposals that would reduce the classification status of the reserve data, so that auditors would be able to check on the data provided by resource users with Rosgeolfund and the State Reserves Commission.

However, real progress on the matter was only achieved after a meeting of the presidential fuel and energy commission in mid-February this year, when President Vladimir Putin authorized the government to declassify data on liquid hydrocarbon reserves.