Russian subsoil users invest around 320 bln rubles in hydrocarbon exploration in 2024, maintaining same level as 2023 - ministry

MOSCOW. Feb 6 (Interfax) - Businesses invested approximately 320 billion rubles in oil and gas geological exploration in 2024, which is the same level as the previous year, the Natural Resources Ministry said, citing preliminary data from the Federal Subsoil Resources Management Agency (Rosnedra).

"Final figures for 2024 will be announced later by subsoil users, but according to Rosnedra's preliminary data, the numbers are expected to be in the same range [as in 2023], as well as in the plans for 2025," the ministry said.

The government has been investing 11-12 billion rubles annually in hydrocarbon exploration in recent years, the ministry said. For 2025, 11 billion rubles have also been allocated from the federal budget.

As reported, Russia achieved full hydrocarbon replenishment last year. The increase in recoverable reserves of industrial categories (AB1C1) amounted to 592 million tonnes of liquid hydrocarbons (oil + condensate) against 516 million tonnes produced, and 708 billion cubic meters of natural gas against 685 bcm produced. A total of 39 new hydrocarbon fields were discovered.

"The most significant discoveries of the year include the Ilginskoye field in the Irkutsk region, the Mitikyakhskoye field in the Yamal-Nenets Autonomous District [YNAD], the Severo-Baikalovskoye field in Krasnoyarsk Territory, the Nelyatskoye field in Yakutia and the Nikolai Myshevsky field in the Irkutsk region. Their total reserves amount to nearly 290 billion cubic meters of gas, 39 million tonnes of condensate, and over 21 million tonnes of oil," the ministry said.

In the near future, subsoil users plan to begin developing the Parusovoye, Severo-Parusovoye and Semakovskoye fields in the YNAD. Their combined reserves exceed 450 bcm of gas and more than 7 million tonnes of liquid hydrocarbons. The operator for these fields is RusGazAlliance LLC, a joint venture between Gazprom and RusGazDobycha.

According to Rosnedra's preliminary data, as of the end of 2024, Russia's natural gas reserves stood at 63.5 trillion cubic meters, while oil reserves totaled 31.4 billion tonnes. The country holds 4,052 licenses for geological exploration, prospecting and hydrocarbon production distributed among 747 subsoil users.