Oil reserves in Russia
Encyclopedia
There are several different estimates of proven oil reserves in Russia. Most estimates include only Western Siberian reserves, exploited since the 1970s and supplying two-thirds of Russian oil, and not potentially huge reserves elsewhere. In 2005, the Russian Ministry of Natural Resources estimated that another 4.7 Goilbbl of oil exist in Eastern Siberia.
Following the collapse of the former Soviet Union
, Russia’s petroleum
output fell sharply, and has rebounded only in the last several years. Russia reached a peak
of 12.5 Moilbbl/d in total liquids in 1988, and production had fallen to around 6 Moilbbl/d by the mid-1990s. A turnaround in Russian oil output began in 1999, which many analysts attribute to the privatization
of the industry. Higher world
oil prices, the use of Japanese technology, and the rejuvenation of old oil fields also helped. By 2007 Russian production had recovered to 9.8 Moilbbl/d, but was growing at a slower rate than 2002-2004. In 2008, production fell 1 percent in the first quarter and Lukoil
vice president Leonid Fedun
said $1 trillion would have to be spent on developing new reserves if current production levels were to be maintained. The editor in chief of the Russian Petroleum Investor claims that Russian production had reached a secondary peak in 2007.
In 2007, Russia produced roughly 9.8 Moilbbl/d of liquids, consumed roughly 2.8 Moilbbl/d in liquids, and exported (in net) around 7 Moilbbl/d. Over 70 percent of Russian oil production was export
ed, while the remaining 30 percent was refined locally. In early 2008 Russian officials were reported to be concerned because, after rising just 2% during 2007, oil production started to decline again in 2008. The Russian government
proposed tax
cuts on oil in an attempt to stimulate production.
By 2011, Russian oil production had increased to 10,540,000 bbl/day. It is the largest producer and exporter of oil in the world.
are expected to contain 100,000,000,000 tons of oil and gas
.
Following the collapse of the former Soviet Union
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
, Russia’s petroleum
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
output fell sharply, and has rebounded only in the last several years. Russia reached a peak
Peak oil
Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. This concept is based on the observed production rates of individual oil wells, projected reserves and the combined production rate of a field...
of 12.5 Moilbbl/d in total liquids in 1988, and production had fallen to around 6 Moilbbl/d by the mid-1990s. A turnaround in Russian oil output began in 1999, which many analysts attribute to the privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of the industry. Higher world
World
World is a common name for the whole of human civilization, specifically human experience, history, or the human condition in general, worldwide, i.e. anywhere on Earth....
oil prices, the use of Japanese technology, and the rejuvenation of old oil fields also helped. By 2007 Russian production had recovered to 9.8 Moilbbl/d, but was growing at a slower rate than 2002-2004. In 2008, production fell 1 percent in the first quarter and Lukoil
LUKoil
Lukoil/LUKoil ; ) is Russia's second largest oil company and its second largest producer of oil. In 2009, the company produced 97.615 million tons of oil; ....
vice president Leonid Fedun
Leonid Fedun
Leonid Arnoldovich Fedun is a Russian businessman. His estimated wealth in 2011 is $7.1 billion and he is ranked by Forbes as 133rd richest man on the planet...
said $1 trillion would have to be spent on developing new reserves if current production levels were to be maintained. The editor in chief of the Russian Petroleum Investor claims that Russian production had reached a secondary peak in 2007.
In 2007, Russia produced roughly 9.8 Moilbbl/d of liquids, consumed roughly 2.8 Moilbbl/d in liquids, and exported (in net) around 7 Moilbbl/d. Over 70 percent of Russian oil production was export
Export
The term export is derived from the conceptual meaning as to ship the goods and services out of the port of a country. The seller of such goods and services is referred to as an "exporter" who is based in the country of export whereas the overseas based buyer is referred to as an "importer"...
ed, while the remaining 30 percent was refined locally. In early 2008 Russian officials were reported to be concerned because, after rising just 2% during 2007, oil production started to decline again in 2008. The Russian government
Government
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
proposed tax
Tax
To tax is to impose a financial charge or other levy upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities...
cuts on oil in an attempt to stimulate production.
By 2011, Russian oil production had increased to 10,540,000 bbl/day. It is the largest producer and exporter of oil in the world.
| 109 bbl | 109 m3 | |
|---|---|---|
| Oil & Gas Journal Oil & Gas Journal The Oil & Gas Journal is a leading petroleum industry weekly publication with a worldwide coverage. It is headquartered in Tulsa, Oklahoma and the journal has a major presence in Houston, Texas. The journal is published by PennWell Corporation. Its publisher is Paul Westervelt, Vice President of... |
60 Goilbbl | |
| John Grace* | 68 Goilbbl | |
| World Oil | 69 Goilbbl | |
| British Petroleum | 72 Goilbbl | |
| 10 largest Russian Oil Companies | 82 Goilbbl | |
| E Khartukov (Russian Oil Expert) | 110 Goilbbl | |
| United States Geological Survey United States Geological Survey The United States Geological Survey is a scientific agency of the United States government. The scientists of the USGS study the landscape of the United States, its natural resources, and the natural hazards that threaten it. The organization has four major science disciplines, concerning biology,... |
116 Goilbbl | |
| Ray Leonard (MOL Mol -Places:* City Municipality of Ljubljana, known after the acronym MOL in Slovene language * Märkisch-Oderland, a rural district of Brandenburg, Germany* Mol, Belgium, a municipality in Belgium* Mol, Serbia, a town in Serbia... ) |
119 Goilbbl | |
| Wood Mackenzie | 120 Goilbbl | |
| IHS Energy | 120 Goilbbl | |
| Mikhail Khodorkovsky Mikhail Khodorkovsky Mikhail Borisovich Khodorkovsky is a Russian prisoner, considered by some - such as Amnesty International - to have been imprisoned for political reasons, jailed until 2016 and a former Russian oligarch and businessman... |
150 Goilbbl | |
| Brunswick UBS (consultants) | 180 Goilbbl | |
| DeGolyer and MacNaughton DeGolyer and MacNaughton DeGolyer and MacNaughton is a petroleum consulting company based in Dallas, Texas, with offices in Houston, Moscow, and Calgary.DeGolyer and MacNaughton was founded in 1936 by Everette Lee DeGolyer and Lewis MacNaughton. In 2004, it acquired Calgary-based Outtrim Szabo Associates forming its... (audit) (proven SPE?) |
150 Goilbbl |
Arctic
Russian waters in the arcticArctic
The Arctic is a region located at the northern-most part of the Earth. The Arctic consists of the Arctic Ocean and parts of Canada, Russia, Greenland, the United States, Norway, Sweden, Finland, and Iceland. The Arctic region consists of a vast, ice-covered ocean, surrounded by treeless permafrost...
are expected to contain 100,000,000,000 tons of oil and gas
Oil and gas
Oil and gas are two commonly associated fossil fuels. The phrase may refer to:*Oil and gas field*Oil and gas law in the United States-See also:* Gasoline* Heating oil* Hydrocarbon exploration* Natural gas* Petroleum industry* Petroleum...
.