OilPrice: Russia's Arctic oil and gas will last for centuries

5 September 2021 5

Russia claims that there are oil and gas reserves on its Arctic shelf, which may be enough for the country not for decades, but for centuries, writes the American Internet publication OilPrice.

In our country, almost 80% of all gas production is carried out in the Arctic territories. <…> There is a huge potential in the Arctic zone that can be used. <...> If we talk not about reserves (potential), but about resources only in the Arctic water area, then we have about 15 billion tons of oil and about 100 trillion cubic meters of gas, that is, this is for tens, hundreds of years, if you suddenly need to use and it is economically feasible

- said the Deputy Prime Minister of the Russian Federation Alexander Novak during the educational marathon "New Knowledge" in Moscow on September 2.

At the same time, the Russian functionary clarified that these resources are now very expensive to develop, but noted that the government in any case plans to encourage production on the Arctic shelf. He added that activities in the Arctic require subsidies, so the government stimulates business by cutting some taxes on offshore projects to zero. The Deputy Prime Minister stressed that large-scale development of the Arctic shelf will be carried out only if there is a real need for it, for example, when other regions of the huge country run out of similar resources.

In May, the head of the Ministry of Natural Resources of the Russian Federation, Alexander Kozlov, said that oil reserves in Russia, at the current rate of annual production, would be enough until 2080. At the same time, gas reserves, while maintaining the level of current production, will last for 103 years. However, the country's oil and gas reserves may grow if Russia intensifies geological exploration and drilling in hard-to-reach areas.

In April, Evgeny Kiselev, Deputy Minister of Natural Resources and Environment of the Russian Federation - Head of the Federal Agency for Subsoil Use (Rosnedra), told "Russian newspaper"that Russia has 58 years of oil reserves, of which 19 years for profitable production at current levels using modern of technologies... At the same time, he pointed out that technological progress will constantly postpone the indicated dates. When asked how long Russia will have its oil reserves, Kiselev replied: "indefinitely." In June, Russian Prime Minister Mikhail Mishustin dismissed Kiselev from his post "in connection with the reduction of this post."

Mineral development in the Russian Arctic is under US sanctions, which prohibit the provision of services or technology to support exploration or production for deepwater, Arctic shelf or shale projects, the media concluded.

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trampoline instructor

-2

5 September 2021 20: 34

I have no doubt that the current ministers and other "functionaries" are very optimistic about the prospects for oil and gas. We sat down on the appropriate pipes, pumped it over, transferred the money to offshores, threw 3 kopecks into the budget ... and then let the chief puppeteer talk about export diversification on his hotlines.

After us, even a flood.
... these words became the unspoken motto of the royal entourage, known for licentiousness, embezzlement and oblivion of public interests.
shinobi

0

6 September 2021 05: 55

There are reserves, this is a no brainer. It is also clear from the explored reserves of the USSR. We can provide ourselves and sell to our neighbors. Therefore, it is time to nationalize natural resources.
1. trampoline instructor
  
  +1
  
  6 September 2021 07: 34
  
  Article 9 of the Constitution of Russia
  Text Art. 9 of the Constitution of the Russian Federation in the current version for 2021:
  1. Land and other natural resources are used and protected in the Russian Federation as the basis of the life and activities of the peoples living in the relevant territory.
  2. Land and other natural resources may be in private, state, municipal and other forms of ownership.
  
  What nationalization? Have you ever read the Constitution of the Russian Federation? Everything has long been stolen, because "are used as the basis of the life and activities of peoples ...".
  1. shinobi
    
    -1
    
    6 September 2021 19: 07
    
    Tell it to Miller
    1. trampoline instructor
      
      +2
      
      6 September 2021 20: 34
      
      Miller in the subject.
      And the GDP, which put its former colleague in the St. Petersburg mayor's office, Miller, on Gazprom, claims that the revision of the privatization results will undermine investor confidence in Russia, therefore there will never be any nationalization.