Official: Oil reserves in Russia to last for 58 years

At the current level of technology development, recoverable oil reserves in Russia will last for 58 years, Deputy Minister of Natural Resources and Ecology of the Russian Federation - Head Federal Agency for Subsoil Use (Rosnedra) Yevgeny Kiselev said, Report informs referring to Russian media.

“The profitable ones, according to the inventory data, will last for 19 years. However, these are conditional indicators. With the development of technologies, this timeframe will be adjusted accordingly,” he stressed.

Kiselev noted that under any scenario of economic development, Russia is provided with gas reserves for more than 60 years.