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2014-05-29 18:25:00

RUSSIA: 0,6 B TONS

RUSSIA: 0,6 B TONS

Russia's known oil reserves are enough to provide a yearly extraction of 600 million tons of oil for the next 30 years, Natural Resources Minister Sergei Donskoi told lawmakers on May 28, RIA Novosti has reported.

"The Russian Federation has a substantial potential to expand its oil reserves – the most reliable prospective oil resources found on the country's territory make up 12.5 billion tons, while the less carefully studied forecast resources are estimated to have 50 billion tons," Donskoi said.

"The already discovered resource base will essentially be enough to provide for the yearly extraction of 600 million tons of oil for the next 30 years," the minister added.

The minister also called for measures to explore fields that have a more complex structure and have not been counted in the tally. The government is directing its attention and money towards alternative resources that are harder to extract, he said.

The latest economic measures will allow an increase in oil production by 20 million tons on average, boosting tax revenues by $60 billion by 2032. 

oilandgaseurasia.com

Tags: RUSSIA, OIL

Chronicle:

RUSSIA: 0,6 B TONS
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

RUSSIA: 0,6 B TONS
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

RUSSIA: 0,6 B TONS
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

RUSSIA: 0,6 B TONS
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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