Russia is not at risk of running out of oil and gas as it is pursuing plans to develop its hard-to-recover and shale reserves in the future, Russian Minister of Natural Resources and Environment Dmitry Kobylkin said on Wednesday.
MOSCOW (Pakistan Point News / Sputnik - 07th November, 2018) Russia is not at risk of running out of oil and gas as it is pursuing plans to develop its hard-to-recover and shale reserves in the future, Russian Minister of Natural Resources and Environment Dmitry Kobylkin said on Wednesday.
"I think that Russia will not run out of its oil and gas reserves for a very long time ... We have not yet started [to develop] our shale oil reserves and hard-to-recover [oil and gas] reserves," Kobylkin said at the Federation Council.
The minister suggested that while easily accessible oil and gas reserves could run out in about 50 years but hard-to-recover reserves "were here to stay."
Russian Energy Minister Alexander Novak said in March last year that Russia had proven reserves of gas and oil enough to last for a period of more than 50 years.
