Russia Could Reach Petroleum Deficit in 2010

In 2010, Russia will reach a deficit in petroleum production. This was announced on Thursday at a press conference by Deputy Minister for Natural Resources of the Russian Federation Pyotr Sadovnik.

'On the basis of the information we have on the petroleum resources which have so far been explored, we can confirm that if there is no increase in available resources by 2010, we can expect a slump in petroleum production, i.e. without developing new oil fields, we are threatened with a deficit', he said. The deputy minister underlined that the current rate of increase of explored petroleum resources is insufficient. According to the Ministry of Natural Resources, promising, scientifically tested petroleum resources currently account for only 57% of the total resources of this raw material.

Sadovnic said that an increase in explored resources is planned in the Western Siberian, Eastern Siberian and the Far Eastern petroleum and gas regions, each of which has an approximate extraction potential of 15 million tonnes of petroleum per year. A search is also planned for new under-sea oil fields. The extraction potential of these oil fields is approximately 30 million tonnes per year. The deputy minister remarked that the Ministry of Natural Resources will move on from its system of yearly planning to more long-term planning, and in the near future intends to formulate its programme of new perspectives for the period up to 2010.