17 Jun 2011 12:59

Move to new oil, gas reserves classification will be phased - Trutnev

ST. PETERSBURG. June 17 (Interfax) - Russia's new system for classifying oil and gas reserves will be introduced in phases beginning next year, Natural Resources and Ecology Minister Yury Trutnev told journalists on the sidelines of the St. Petersburg Economic Forum.

"Of course it will be phased," he said, noting that the new system will apply first to new fields and projects.

It was reported earlier that the Natural Resources Ministry plans to introduce the new classifications, which are harmonized with SPE classifications, effective on January 1, 2012.