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Russia has enough oil and gas for more than 50 years



In Russia large reserves of hydrocarbons: oil, gas and coal.



07.Mar.17 12:52 AM
By Abigail Richards
Photo Toinnov.com

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Russia has enough oil and gas for more than 50 years
According to the Minister of energy of the Russian Federation Alexander Novak, Russia today has proven reserves of oil and gas for more than fifty years, and the cost of production is only 10-15 dollars per barrel. It was said at the energy conference CERAWeek.

Novak noted that Russia has sufficiently large reserves of hydrocarbons: oil, gas and coal, in particular it is of proven oil and gas reserves for more than 50 years, and huge potential for further hydrocarbons in the offshore Arctic.

The Minister also drew attention to the effects of the sanctions and low oil prices on Russian oil and gas companies, noting that they were able not only to survive in a difficult situation, but even to improve their performance.

According to Novak, the Russian company was not only able to increase production and improve efficiency, but also reduce the cost of production, which averages from ten to fifteen dollars per barrel.

The Minister noted that in the near future in the oil market can change, and quite serious, and it is necessary to be ready.

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