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Russia boosts oil reserves by 550 million tonnes in 2014

Russia boosts oil reserves by 550 million tonnes in 2014

MOSCOW:  Russia boosted its hydrocarbon reserves by 550 million tons of oil, 900 billion cubic meters of natural gas and 100 million tons of gas condensate in 2014, Natural Resources Minister Sergey Donskoy said.

“The geological sector has maintained its development rates this year,” the minister said at a meeting with President Vladimir Putin.

The hydrocarbon reserve growth will help replenish the minerals extraction base and maintain output that will be reached this year, the minister said.

A similar reserve growth trend has been registered for solid minerals, including diamonds and rock salt, he said.

Russian geologists have discovered 33 hydrocarbon fields and 53 solid mineral deposits this year, the minister said.

“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,” the minister told the president.