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.