Mother (Russia) lode: Vast extent of oil, gas reserves revealed for first time

According to declassified data Russia holds 17 billion tons of oil and 48 billion cubic meters of gas. Moscow believes revealing the extent of the vast reserves will lead to a surge of investment in the extraction and production of hydrocarbons.

The country’s recoverable oil reserves in the C1 category (proven reserves) totals 17.8 billion tons; category C2 (preliminary estimated reserves) is 10.2 billion tons, according to data collected on January 1, 2012.

Meanwhile, gas reserves were equally bountiful at 48.8 trillion cubic meters C1 category; gas stores of the C2 category is estimated at 19.6 trillion cubic meters.

The Minister of Natural Resources of the Russian Federation Sergey Donskoy said the resource potential for these kinds of mineral resources remains one of the most significant in the world. "I am convinced that the opening of this data will give a powerful impetus to investment in reproduction and production of hydrocarbons,” he said. He also added that Russia’s potential for the mineral resources is one of the most significant in the world.

Russia’s available hydrocarbon potential will be able to provide the nation’s growing economy for 30 years, according to expert estimates put out by the Russian Ministry of Natural Resources and the Federal State Commission on Mineral Reserves.

Meanwhile, increased exploration of mineral resources consistently exceed the level of production, the minister said, noting that last year 49 oil fields were discovered.

Last week, Prime Minister Dmitry Medvedev signed a government decree that removed the lid of secrecy on oil reserve data.

Earlier, President Putin, explained the necessary level of cooperation that exists between the domestic fuel and energy sector and foreign investors, called the former level of secrecy "an obvious anachronism."

Putin also called on the development and approval of a new classification of Russian oil and gas reserves as close as possible to international standards.

Before the release of the official data Russia was placed second in the world by gas reserves after Iran, with 32.9 trillion cubic meters, and eighth by crude oil reserves, after Venezuela, Saudi Arabia, Canada, Iran, Iraq, Kuwait and UAE, with 11.8 trillion cubic meters of oil.