Russia has enough oil reserves for 30 years as well as enough gas for 50 years under the current conditions and production rates, Russian Deputy Prime Minister Alexander Novak said on Monday
MOSCOW (Pakistan Point News / Sputnik - 29th November, 2021) Russia has enough oil reserves for 30 years as well as enough gas for 50 years under the current conditions and production rates, Russian Deputy Prime Minister Alexander Novak said on Monday.
"Russia possesses enormous oil and gas reserves. With the current conditions and production levels, the availability of oil reserves in Russia is about 30 years, gas reserves � about 50 years," Novak said while speaking at the Russian-Chinese Energy business Forum.
The official also noted that these resources would be in high demand in the future energy markets, making them a traditionally lucrative area of cooperation with Chinese companies.
State-owned Russian holding company Rosgeologia made a similar assessment in September, saying that the country will have enough gas reserves for 70 years and oil reserves for 30 years under the current production.
