Oil reserves in Russia

Farman Salmanov was an Azerbaijani geologist famous for discovering great oil fields in Western Siberia in Tyumen Oblast in 1961.

Following the collapse of the Soviet Union, Russia's petroleum output fell sharply, and has rebounded only in the last several years. The Soviet Union reached a peak of {{convert|12.58|Moilbbl/d}} in total liquids in 1988, and production had fallen to around {{convert|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 {{convert|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.{{cite news|publisher=BBC News|url=http://news.bbc.co.uk/2/hi/business/7348463.stm|title= 'Threat' to future of Russia oil |date=15 April 2008}}

In 2007, Russia produced roughly {{convert|9.8|Moilbbl/d}} of liquids, consumed roughly {{convert|2.8|Moilbbl/d}} in liquids, and exported (in net) around {{convert|7|Moilbbl/d}}. Over 70 percent of Russian oil production was exported, while the remaining 30 percent was refined locally.{{cite web

|title = Russia – Oil Exports

|work = Country Analysis Briefs

|publisher = US Energy Information Administration

|year = 2007

|url = http://www.eia.doe.gov/emeu/cabs/Russia/Oil_exports.html

|access-date = 3 January 2008

|url-status = dead

|archive-url = https://web.archive.org/web/20071230085116/http://www.eia.doe.gov/emeu/cabs/Russia/Oil_exports.html

|archive-date = 30 December 2007}}

In early 2008 Russian officials were reported to be concerned because, after rising just 2% during 2007, oil production[https://web.archive.org/web/20120815131029/http://www.businessweek.com/stories/2004-11-21/commentary-oil-whats-russia-really-sitting-on Commentary Oil: What's Russia Really Sitting On], Bloomberg Business Week Magazine, 21 November 2004 started to decline again in 2008. The Russian government proposed tax cuts on oil in an attempt to stimulate production.{{cite news

| last = Elder

| first = Miriam

| title = Russian leaders pledge to stimulate oil production

| publisher = International Herald Tribute

| date = 15 May 2008

| url = http://www.iht.com/articles/2008/05/15/business/energy.php

| access-date =29 May 2008}}

By 2011, Russian oil production had increased to {{convert|10.54|Moilbbl/d}}.{{cite web|url=http://omrpublic.iea.org/omrarchive/12may11sup.pdf |title=IEA – OMR Public |publisher=Omrpublic.iea.org |date=2015-02-10 |access-date=2015-02-17}} It is the second largest exporter of oil in the world.

In October 2018, Russia's crude oil output grew to {{convert|11.61|Moilbbl/d}}, a new post-Soviet record.{{cite news |last1=Alessi |first1=Christopher |url=https://www.wsj.com/articles/opec-oil-production-dips-despite-surge-in-saudi-arabias-output-11544618385 |access-date=14 December 2018 |title=OPEC Oil Production Dips Despite Surge in Saudi Arabia's Output |work=The Wall Street Journal|date=12 December 2018 |location=London |quote=The OPEC report said Russian oil supply hit a new post-Soviet record of 11.61 million barrels a day in October, but forecast production to average 11.44 million barrels a day next year as a result of Russia’s contribution to the OPEC-led output curbs. Total global oil supply rose by 500,000 barrels a day month-on-month, to hit 100.64 million barrels a day in November, according to the report. |url-access=subscription }}

File:Map-of-countries-by-proven-oil-reserves-(in-millions-of-barrels)---2017---US-EIA---Jo-Di-graphics.jpg according to U.S. EIA, 2017]]

The Russia reserve estimates in the table below were posted in 2006, except that from the US EIA

The ABC1 classification is based on the Russian system, and is that system's closest equivalent to the Society of Petroleum Engineers (SPE) proven reserves. It is regarded by some as somewhat less strict than the SPE proven reserves.

On 29 September 2014, President of the Union of Oil and Gas Producers of Russia Gennady Shmal told a press conference that Russia's discovered oil reserves (ABC1) stand at 17.8 billion tons (17.8 * 10¹² m³). He said that C2 reserves stand at 8 billion tons.{{cite web|url=http://en.itar-tass.com/economy/751792 |title=TASS: Economy - Russia's discovered oil reserves stand at 17.8 billion tons – official |publisher=En.itar-tass.com |access-date=2015-02-17}} The Russian designation ABC1 corresponds to proved reserves (proved developed producing, proved developed nonproducing, and proved undeveloped), while C2 corresponds to probable and possible reserves.

Significant reserves of unconventional tight oil such as contained in the Bazhenov Formation are believed to exist in western Siberia. An estimate by Wood Mackenzie of the Bazhenov Formation was that it contained 2 trillion barrels of oil in place; achievable recovery factors are unknown.{{cite news|title=Russia gears up for shale boom|url=http://www.ft.com/intl/cms/s/0/45ffb86e-9146-11e2-b839-00144feabdc0.html|access-date=31 March 2013|newspaper=Financial Times|date=31 March 2013|author=Guy Chazan}}

{{Portal|Russia|Energy}}

• Economy of Russia
• Energy in Russia
• Energy policy of Russia
• Petroleum industry in Russia
• Russia in the European energy sector

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Category:Geology of Russia

Russia

Category:Petroleum in Russia