Recoverable oil reserves in Russia estimated at 30 bln tonnes - ministry
MOSCOW. Dec 6 (Interfax) - Recoverable oil reserves on the state reserves register are estimated at just under 30 billion rubles at the end of 2019, Deputy Energy Minister Pavel Sorokin said in an article published in the Energy Policy journal.
Russia declares 100% reserves recovery each year but "it is important to understand that by no means all of these reserves are developed," he said.
Recoverable reserves were estimated at 28.9 billion rubles at end-2018.
Sorokin said that when the price of oil is a steady $60-65/bbl the development of new projects becomes an issue rather than an opportunity.