Oil reserves in Russia

Oil reserves in Russia

There are several different estimates of proven oil reserves in Russia. Most estimates include only Western Siberian reserves, exploited since the 1970s and supplying two-thirds of Russian oil, and not potentially huge reserves elsewhere. In 2005, the Russian Ministry of Natural Resources estimated that another 4.7 billion barrels (0.75×10^9 m3) of oil exist in Eastern Siberia.[1]

Following the collapse of the former Soviet Union, Russia’s petroleum output fell sharply, and has rebounded only in the last several years. Russia reached a peak of 12.5 million barrels per day (1.99×10^6 m3/d) in total liquids in 1988, and production had fallen to around 6 million barrels per day (950×10^3 m3/d) by the mid-1990s. A turnaround in Russian oil output began in 1999, which many analysts attribute to the privatization of the industry. Higher world oil prices, the use of Japanese technology, and the rejuvenation of old oil fields also helped. By 2007 Russian production had recovered to 9.8 million barrels per day (1.56×10^6 m3/d), but was growing at a slower rate than 2002-2004.[1] In 2008, production fell 1 percent in the first quarter and Lukoil vice president Leonid Fedun said $1 trillion would have to be spent on developing new reserves if current production levels were to be maintained. The editor in chief of the Russian Petroleum Investor claims that Russian production had reached a secondary peak in 2007.[2]

In 2007, Russia produced roughly 9.8 million barrels per day (1.56×10^6 m3/d) of liquids, consumed roughly 2.8 million barrels per day (450×10^3 m3/d) in liquids, and exported (in net) around 7 million barrels per day (1.1×10^6 m3/d). Over 70 percent of Russian oil production was exported, while the remaining 30 percent was refined locally.[3] In early 2008 Russian officials were reported to be concerned because, after rising just 2% during 2007, oil production started to decline again in 2008. The Russian government proposed tax cuts on oil in an attempt to stimulate production.[4]

By 2011, Russian oil production had increased to 10,540,000 bbl/day.[5] It is the largest producer and exporter of oil in the world.

Estimates of Russian oil reserves[6]
109 bbl 109 m3
Oil & Gas Journal 60 9.5
John Grace* 68 10.8
World Oil 69 11.0
British Petroleum 72 11.4
10 largest Russian Oil Companies 82 13.0
E Khartukov (Russian Oil Expert) 110 17
United States Geological Survey 116 18.4
Ray Leonard (MOL) 119 18.9
Wood Mackenzie 120 19
IHS Energy 120 19
Mikhail Khodorkovsky 150 24
Brunswick UBS (consultants) 180 29
DeGolyer and MacNaughton (audit) (proven SPE?) 150–200 24–32

Arctic

Russian waters in the arctic are expected to contain 100,000,000,000 tons of oil and gas.[7]

References


Wikimedia Foundation. 2010.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • Oil industry of Russia — The oil industry of Russia is one of the largest in the world. Russia has the largest reserve, and is the largest exporter, of natural gas; the second largest coal reserves, and the eighth largest reserve, and is the second largest exporter, of… …   Wikipedia

  • Oil reserves in Iraq — will be the largest in the world according to recent geological surveys and seismic data.[1] The Iraqi government has stated that new exploration showed Iraq has the world’s largest proven oil reserves, with more than 350 billion barrels.[1]… …   Wikipedia

  • Oil reserves in Kuwait — make up 8% of the oil reserves in the world. Kuwait is OPEC s third largest oil producer and claims to hold approximately 104 billion barrels (16.5×10^9 m3). This includes half of the 5 billion barrels (790×10^6 m3) in the Saudi Kuwaiti …   Wikipedia

  • Oil reserves in the United Arab Emirates — Oil reserves in the United Arab Emirates, according to its government, are about 98 billion barrels (15.6×10^9 m3), almost as big as Kuwait s claimed reserves. Of the emirates, Abu Dhabi has most of the oil with 92 billion barrels… …   Wikipedia

  • Oil reserves in Venezuela — Orinoco Oil Belt assessment unit, USGS The proven oil reserves in Venezuela are claimed to be the largest in the world, according to an announcement in early 2011 by President Hugo Chavez and the Venezuelan government. The reported proven… …   Wikipedia

  • Oil reserves in Cuba — A 2004 joint partnership between a Spanish oil company and Cuba s state oil company (CUPET) estimated Cuba s off shore reserves to be able to ultimately produce between 4.6 and 9.3 billion barrels of crude oil.[1] The US Geological Survey (USGS)… …   Wikipedia

  • Oil reserves — Proven Oil Reserves, as published by the CIA Factbook, 2009 The total estimated amount of oil in an oil reservoir, including both producible and non producible oil, is called oil in place. However, because of reservoir characteristics and… …   Wikipedia

  • Oil reserves in Libya — Libyan s Oil field, pipeline, reffineries and storages. Oil reserves in Libya are the largest in Africa and the eighth largest in the world with 46.4 billion barrels (7.38×10^9 m3) as of 2010. Oil production was 1.7 million …   Wikipedia

  • Oil reserves in Saudi Arabia — Reported proven reserves for Saudi Arabia (blue) and Venezuela (red) Proven oil reserves in Saudi Arabia are the second largest claimed in the world, estimated to be 267 billion barrels (42×10^9 m3) (Gbbl hereafter) including 2.5 Gbbl in the …   Wikipedia

  • Oil reserves in Iran — Iran s Oil and Gas Fields and Infrastructures Oil reserves in Iran, according to its government, rank third largest in the world at approximately 150 billion barrels (24×10^9 m3) as of 2007, although it ranks second if Canadian reserves of… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”