Federal Agency for Mineral Resources says Russia has enough oil for 20 more years

Federal Agency for Mineral Resources says Russia has enough oil for 20 more years

Russia now has profitable oil reserves for twenty years, - Yevgeny Petrov, acting head of the Federal Agency for Mineral Resources, said on the sidelines of the Tyumen Oil and Gas Forum.

"Profitable oil reserves will last for about 20-21 years," he said, noting that this period will increase as technologies for hard-to-recover oil reserves develop, TASS reports.

Western Siberia remains the most promising Russian region for the exploration of oil and gas reserves, Petrov added, stressing that the development of hydrocarbon fields in Eastern Siberia is still unprofitable due to the lack of the necessary infrastructure.

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