Nigeria resbia

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There have been widely varying estimates of proven oil reserves in Russia.

In 2005, the Russian Ministry of Natural Resources estimated that another 4.7 billion barrels (0.75 In July 2013, the Russian Natural Resources Ministry made official estimates of reserves available for the first time.

According to Russian Natural Resources Minister Sergey Donskoy, as of 1 January 2012, recoverable reserves of oil in Russia under category ABC1 (equivalent to proven reserves) were 17.8 billion tons and category C2 reserves (equivalent to probable and possible) were 10.9 billion tons.

Following the collapse of the Soviet Union, Russia’s petroleum output fell sharply, and has rebounded only in the last several years.

Soviet Union reached a peak of 12.58 million barrels per day (2.000/d) by the mid-1990s.

A turnaround in Russian oil output began in 1999, which many analysts attribute to the privatization of the industry.

Last modified 07-Feb-2015 06:42