Russian Natural Resources Ministry projects oil, condensate reserves to rise by 600 mln tonnes due to prospecting in 2022, gas reserves by 675 bcm

MOSCOW. Dec 27 (Interfax) - Growth in oil and condensate reserves in Russia as a result of geological prospecting and exploration will total 600 million tonnes in 2022, while reserves of gas will grow by 675 billion cubic meters, the Russian Natural Resources and Environment Ministry told Interfax.

"The volume of geological exploration work, rates of preparation of fields for development, and levels of production remain the same. Obligations on the licenses issued are being fulfilled in full and in the specified timeframes. We are seeing this within the framework of continuous organized monitoring of their fulfillment. The forecast for growth in oil and condensate reserves due to prospecting and exploration in 2022 is 600 million tonnes and 675 bcm for gas reserves," the ministry said.