Russian oil, gas reserves growth exceeds output

Jan 23, 2013 12:00 AM

The growth in Russia’s hydrocarbons reserves based on geological surveys in 2012 exceeded production, Natural Resources Minister Sergei Donskoi said.

Oil reserves grew by 681 million tons and natural gas reserves were up 816 billion cubic meters, he said during a meeting with President Vladimir Putin.

Oil production in 2012 was 518 million tons (up 1.3 percent on 2011) and gas production was 655.007 billion cubic meters (down 2.3 percent). Oil and gas reserves growth exceeded production by 31.5 percent and 24.6 percent, respectively.

Between 2005 and 2011, total oil and condensate production was 3.2 billion tons, while reserves grew by 4.7 billion; total gas production was 4.2 trillion cubic meters with reserves growing by 5.4 trillion cubic meters.

Russia has also increased production on a number of other minerals, including coal, iron and copper, the minister said.

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