Three energy specialists from Russia and Canada have won the prestigious Global Energy Award for their work on developing a new ‘artificial’ oil.

It will bring recognition from around the world for Eduard Volkov, as well as a prize fund of over $US 1 million.

Volkov’s discoveries with the new energy source, known as shale, are the result of 50 years of work. The substance has been likened to artificial oil.

Russia already has one plant processing a million tonnes of shale, with costs running at $US 15 per barrel. It is being regarded as a potential alternative energy for the future, with oil output levels projected to fall.

Proven oil reserves currently stand at around 170 billion tones, but at the current rate of world growth, production will peak in 20 years. After that, a decline is expected.

Volkov said: “Our work allowed us to increase our reserves with shale – an oil analogue. Global reserves account for up to 620 billion tonnes – three times the reserves of oil. Technology we developed allows the extraction of liquid fuel from shale that has very similar properties to oil.”

The award, backed by UES, Gazprom and Surgutneftegas, recognises work in energy, energy savings and ecological reliability. Judges were also looking for signs of cost-effectiveness and eco-friendliness.

A solution to the problem of transporting gas, developed by Oleg Favorsky, was also among the prize-winners.

Favorsky said: “Energy, heating and transportation are the main needs for any country that is met by fuel. Getting energy and heat from gas at the same time is the most efficient use of gas. Our turbine engines can use fuel gas from exhausted wells in distant regions, as well as gas from recycling.”