Russia Will Not Face Oil Deficit as New Fields May be Discovered

Oil in Russia is not a scarce natural resource, and hundreds of new deposits, including dozens of major oil fields, could be discovered in the country, the head of the Russian Federal Subsoil Resources Management Agency (Rosnedra) said Thursday.

MOSCOW (Sputnik) — Oil production in Russia is secured for 36 years due to the volume of explored reserves, while production of easy oil is secured for 13-15 years, the presentation revealed.

"The level of depletion of the proven reserves reaches 55%, the level of exploration of initial total resources is 46%, meaning hundreds of new deposits, including dozens of major could be found in Russia," Yevgeny Kiselyov said in a presentation made at the VIII All-Russian Congress of Geologists.

In order to maintain the achieved level of oil extraction in Russia after 2020, it would be necessary to develop tight oil reserves as well, according to the presentation.

The VIII All-Russian Congress of Geologists is held on October 26-28 in Moscow.