(MENAFN- Qatar News Agency) The growth in Russia's hydrocarbons reserves based on geological surveys in 2012 exceeded production, Natural Resources Minister Sergei Donskoi said on Wednesday.
Oil reserves grew by 681 million tons and natural gas reserves were up 816 Billion cubic meters, the minister said during a meeting with President Vladimir Putin, according to RIA Novosti news agency.
Oil production in 2012 was 518 million tons (up 1.3% on 2011) and gas production was 655.007 Billion cubic meters (down 2.3%). Oil and gas reserves growth exceeded production by 31.5% and 24.6 %, respectively.
Between 2005 and 2011, total oil and condensate production was 3.2 Billion tons, while reserves grew by 4.7 Billion; total gas production was 4.2 Trillion cubic meters with reserves growing by 5.4 Trillion cubic meters, RIA Novosti reported.
Russia has also increased production on a number of other minerals, including coal, iron and copper, the minister said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.