22 Oct 2012 19:30

Russian oil extraction could outstrip reserves growth 41% in 2012

MOSCOW. Oct 22 (Interfax) - Russia could grow its oil reserves 296.4 million tonnes this year, 41.2% below the record 517.9 million tonnes the country is expected to extract, the Energy Ministry said in materials for a meeting of the presidential fuel and energy commission.

Reserves growth was just 121 million tonnes in January-September while the country produced 386 million tonnes, the materials, seen by Interfax, say. Russia put just 3,721 of a planned 5,413 wells on stream.