Oil reserves in Russia
There have been widely varying estimates of proven oil reserves in Russia. Most estimates included only Western Siberian reserves, which have been exploited since the 1970s and supply two-thirds of Russian oil. However, there are potentially huge reserves elsewhere. In 2005, the
History
Farman Salmanov was an Azerbaijani geologist famous for discovering great oil fields in Western Siberia in Tyumen Oblast in 1961.
Production
Following the collapse of the
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.[4] In early 2008 Russian officials were reported to be concerned because, after rising just 2% during 2007, oil production[5] started to decline again in 2008. The Russian government proposed tax cuts on oil in an attempt to stimulate production.[6]
By 2011, Russian oil production had increased to 10.54 million barrels per day (1.676×10 6 m3/d).[7] It is the second largest exporter of oil in the world.
In October 2018, Russia's crude oil output grew to 11.61 million barrels per day (1.846×10 6 m3/d), a new post-Soviet record.[8]
Reserve estimates
The Russia reserve estimates in the table below were posted in 2006, except that from the US EIA
Source | 109 bbl | 109 m3 | Reserve class |
---|---|---|---|
Oil & Gas Journal | 60 | 9.5 | SPE proven |
John Grace* | 68 | 10.8 | SPE proven |
World Oil
|
69 | 11.0 | SPE proven |
British Petroleum
|
72 | 11.4 | SPE proven |
US Energy Information Administration
|
80 | 13 | |
10 largest Russian Oil Companies | 82 | 13.0 | ABC1 |
E Khartukov (Russian Oil Expert) | 110 | 17 | ABC1 |
United States Geological Survey | 116 | 18.4 | SPE proven |
MOL )
|
119 | 18.9 | ABC1 |
Wood Mackenzie | 120 | 19 | SPE proven |
IHS Energy | 120 | 19 | ABC1 |
Mikhail Khodorkovsky | 150 | 24 | |
Brunswick UBS (consultants) | 180 | 29 | SPE proven, probable, possible |
DeGolyer and MacNaughton (audit) | 200 | 32 | unknown, possibly SPE proven |
The ABC1 classification is based on the Russian system, and is that system's closest equivalent to the Society of Petroleum Engineers (SPE) proven reserves. It is regarded by some as somewhat less strict than the SPE proven reserves.
On 29 September 2014, President of the Union of Oil and Gas Producers of Russia Gennady Shmal told a press conference that Russia's discovered oil reserves (ABC1) stand at 17.8 billion tons (17.8 * 1012 m3). He said that C2 reserves stand at 8 billion tons.[10] The Russian designation ABC1 corresponds to proved reserves (proved developed producing, proved developed nonproducing, and proved undeveloped), while C2 corresponds to probable and possible reserves.
Tight oil
Significant reserves of
See also
- Economy of Russia
- Energy in Russia
- Energy policy of Russia
- Petroleum industry in Russia
- Russia in the European energy sector
References
- ^ a b "Russia - Oil". Country Analysis Briefs. US Energy Information Administration. 2007. Archived from the original on 30 December 2007. Retrieved 3 January 2008.
- ^ "Russia Reveals Official Data on Oil and Hydrocarbon Reserves for the First Time". Oil&Gas Eurasia. 12 July 2013. Archived from the original on 20 June 2015. Retrieved 12 July 2013.
- ^ "'Threat' to future of Russia oil". BBC News. 15 April 2008.
- ^ "Russia – Oil Exports". Country Analysis Briefs. US Energy Information Administration. 2007. Archived from the original on 30 December 2007. Retrieved 3 January 2008.
- ^ Commentary Oil: What's Russia Really Sitting On, Bloomberg Business Week Magazine, 21 November 2004
- ^ Elder, Miriam (15 May 2008). "Russian leaders pledge to stimulate oil production". International Herald Tribute. Retrieved 29 May 2008.
- ^ "IEA – OMR Public" (PDF). Omrpublic.iea.org. 10 February 2015. Retrieved 17 February 2015.
- ^ Alessi, Christopher (12 December 2018). "OPEC Oil Production Dips Despite Surge in Saudi Arabia's Output". The Wall Street Journal. London. Retrieved 14 December 2018.
The OPEC report said Russian oil supply hit a new post-Soviet record of 11.61 million barrels a day in October, but forecast production to average 11.44 million barrels a day next year as a result of Russia's contribution to the OPEC-led output curbs. Total global oil supply rose by 500,000 barrels a day month-on-month, to hit 100.64 million barrels a day in November, according to the report.
- ^ The Oil Drum. "Uncertainties About Russian Reserves and Future Production". The Oil Drum. Retrieved 17 February 2015.
- ^ "TASS: Economy - Russia's discovered oil reserves stand at 17.8 billion tons – official". En.itar-tass.com. Retrieved 17 February 2015.
- ^ Guy Chazan (31 March 2013). "Russia gears up for shale boom". The Financial Times. Retrieved 31 March 2013.