Report: Russia has sufficient crude reserves for 23–25 years

MOSCOW, Dec 17 (PRIME) -- Russia has sufficient reserves to produce oil for 23–25 years, the Federal Mineral Resources Agency’s Director Yevgeny Kiselyov said in an interview with NTV television channel on Monday.

“We have enough oil reserves to ensure the current production level during the next 23–25 years. At the same time, we will provide simple replacement of the reserves every year. That is why the finishing point is constantly postponed and is in line with the global sufficiency standards and even surpasses them,” he said.

In November, Kiselyov said that his agency expected oil reserves excluding gas condensate to rise by 520–530 million tonnes in 2018.

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