Russia increased liquid hydrocarbon reserves by 47 mln t in H1, gas reserves by 567 bcm - minister
VLADIVOSTOK. Sept 4 (Interfax) - Russia's liquid hydrocarbon and gas reserves increased by respectively 47 million tonnes and 567 billion cubic meters in the first half of 2024, Natural Resources Minister Alexander Kozlov said in an interview with Interfax at the Eastern Economic Forum.
"Six hydrocarbon fields that are small in terms of reserves - five oil and one gas condensate - were discovered in 2024 as a result of geological exploration work at the expense of resource users. All the fields were discovered in the Volga Federal District. Active work is continuing this year, the overall growth of reserves in the country in the first half of the year amounted to 47 million tonnes for liquid hydrocarbons in all categories combined, and 567 bcm for natural gas," Kozlov said.
He said financing for hydrocarbon exploration has increased by more than 550% in the past 20 years and now averages 315 billion-330 billion rubles annually. The bulk of the financing comes from resource users, with the federal budget contributing no more than 5%.
"About the physical volumes of geological exploration work, I want to say that they are stabilizing. Average annual 2D seismics amount to 14,000-15,000 linear kilometers, which makes it possible to prepare prospective structures in a sufficient amount. 3D seismic surveys amount to 25,000-35,000 square km. Therefore, we are not seeing a marked decrease in the amount of geological exploration for hydrocarbons financed by resource users," Kozlov said.
"The progress of geological exploration work shows that targets for renewal of the mineral resource base for 2024 will certainly be reached," he said.
"For solid mineral resources, we usually record the largest increases in reserves closer to the end of the year. As of today, we have a significant increase in gold reserves at deposits in Yakutia (up 198 tonnes), Krasnoyarsk Territory (up 55 tonnes) and Khabarovsk Territory (up 35 tonnes). In total, geologists have discovered 94 new deposits since the start of 2024," Alikhanov said.
"In the area of solid mineral resources, resource users are showing a positive trend from year to year, both in financing of work and physical volumes. In 2024, we expect investment in geological exploration to grow to 92 billion rubles, up 20% from 2023," Alikhanov said. Drilling and mining work are both expected to increase by 46%, to respectively 7.4 million linear meters and 23 million cubic meters.
"However, budget financing will remain at about the current level compared to 2023, about 4.6 billion rubles," Alikhanov added.