Russia boosts hydrocarbon reserves by 550 mn tons of oil in 2014

Dec 30, 2014 12:00 AM

Russian President Vladimir Putin, on Tuesday, was notified that the world’s biggest producer of crude had boosted its hydrocarbon reserves by 550 million tons of oil this year.

Russia’s Natural Resources Minister Sergey Donskoy said that Russia had added 900 billion cubic meters of natural gas and 100 million tons of gas condensate in 2014.

“The geological sector has maintained its development rates this year,” Donskoy told Putin at a meeting at the Kremlin in Moscow.

Russia is suffering severely from plunging oil prices. President Vladimir Putin says a “catastrophic” further slump is “entirely possible.” Russia may cut its oil output due to low global oil prices and the lack of investment into the country’s energy industry, Deputy Prime Minister Arkady Dvorkovich said.

Given the pessimistic scenario, Russia’s oil output could shrink by 10 per cent in the next two or three years, which will not produce serious effects on global oil markets, Dvorkovich told Russian TV channel Rossiya 24.

Russian geologists have discovered 33 hydrocarbon fields and 53 solid mineral deposits, including diamonds, this year, the Russian Natural Resources Minister told Putin. “Some of them are at the world level,” he said. “Even despite all complexities, work is going on and naturally we’ll continue maintaining these rates,” said Donskoy.

During Putin’s visit to India this month, Indian Prime Minister Narendra Modi had proposed ways of boosting the diamond trade between BRICS members, India and Russia, including direct trading of major diamond companies on Indian bourses.

“I want major diamond mining companies to sell directly to the Indian diamond industry. It will be good for them and for India”, said Modi, while jointly inaugurating the World Diamond Conference in New Delhi with Putin.

Russia is the largest diamond-producing country, by volume. In 2013, Russia produced 25 per cent of total carats and 26 per cent of overall rough diamond value.

Russia exports 63 per cent of its rough diamonds to the European Union.

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