Russian oil reserves reach 29.4 billion tonnes since Jan 2015, gas reserves – 70.3 trillion cu m

Gas Flame file photo

MOSCOW. Nov 1 (Interfax) – Russian ABC1+C2 oil reserves increased 0.7% to 29.4 billion tonnes in the period from January 1, 2015 through September 1, 2016, the Natural Resources and Environment Ministry said in materials.

Reserves in the unallocated fund totaled 1.8 billion tonnes, while allocated reserves totaled 27.6 billion tonnes.

ABC1+C2 gas reserves reached 70.3 trillion cubic meters as of September 1, 2016, 1.4% more than on January 1, 2015.

The total includes 3.1 trillion cubic meters of unallocated reserves and 67.2 trillion cubic meters of allocated reserves.

The ministry notes that the pace of reserve increase has slowed. The increase in oil reserves in 2015, including amounts dropped from the State Reserves Commission balance, totaled 565 million tonnes, 6.6% less than in 2014.

Gas reserves net of write-downs increased by 900 billion cubic meters, 28.5% less.

Sergei Donskoi, the head of the natural resources ministry, said previously that Russia’s oil resource was actually near 49 billion tonnes since the official figures do not include hard-to-recover reserves. “The forecast resource, in the opinion of our geologists, totals about 49 billion tonnes, although those reserves haven’t been confirmed yet,” Donskoi said.

“I would note that the published figures primarily relate to conventional reserves, since the technology for recovering unconventional reserves, such as the Bazhenov suite, is in the development stage. In that connection, despite the colossal resource potential, only relatively small volumes are included in the state balance. In future, with development of the technology for recovering unconventional hydrocarbons, Russian oil reserves should increase significantly,” he said.