ABC1 oil reserves in Russia rise 0.55% to 18.3 bln tonnes according to preliminary data - State Reserves Commission
MOSCOW. May 27 (Interfax) - The recoverable reserves of oil in Russia for category A+B+C1, according to preliminary data, rose in 2014 to 18.3 billion tonnes, a presentation for a report of the general director of the State Reserves Commission, Igor Shpurov, said.
Initial recoverable oil reserves in Russia in 2014 were, according to preliminary data, 40.53 billion tonnes.
In 2013 the current recoverable oil reserves were, according to the State Reserves Commission, 18.2 billion tonnes. So, the recoverable reserves in 2014 rose by 0.55%.
Shpurov said that the final calculation of reserves will be completed in August.
Despite increases over the past 10 years, total A+B+C1 recoverable reserves are still below the 1993 level, when the reserves totaled 18.775 billion tonnes. The decline reflects the fact that oil production in Russia has risen faster than initial recoverable reserves are increasing.
The volume of initial A+B+C1 recoverable reserves was 32.547 billion tonnes in 1993, when production totaled 344 million tonnes. The comparable figures in 2004 were 33,604 billion tonnes and 442 million tonnes and in 2013 - 39.923 billion tonnes and 498 million tonnes.
The current registered recoverable oil reserves show the initial recoverable reserves less cumulative production since development began.
Recoverable oil reserves in categories A+B+C1+C2 totaled 29.4 billion tonnes, of which 15.840 billion tonnes are being developed. The other 13.560 billion tonnes are not being developed for various reasons.