Russia Monitor is a review of the most important events related to Russian internal and external security, as well as its foreign policies.
Date: 31 August 2021
Russia Takes Inventory Of Its Natural Resources
Russia’s natural resources and environment ministry and energy ministry specified the exact amount of crude oil in the country. Russian Natural Resources Minister Alexander Kozlov said the country should continue geological research to find new deposits despite a global tendency to gradually shift away from crude oil and gas.
According to Kozlov, in July 2021, the Ministry of Natural Resources and Environment presented the government a report containing results of the inventory of natural resources both onshore and offshore. The stocks went up by 5 million tons when compared to January 1, 2019. There are 2,716 deposits, according to the federal balance sheet for natural resources. Some 1,940 deposits containing 22.8 billion tons are now being explored. Kozlov said more precise data had been delivered for available stocks in the 708 most significant deposits. “Inventory works were continued in 2020,” he added. Now the natural resources and energy ministries are refining the results for individual deposits. The energy and finance ministries will examine the results to assess the existing tax conditions and deliver some proposals to prop up crude oil output, Kozlov said. In 2020, Prime Minister Mikhail Mishustin ordered the ministries of natural resources, far East, economy, finance, and energy to look for some tax measures to stimulate exploration in the Arctic. In May, the ministries and companies tasked with mineral exploration held a special conference. These resources, however, are very expensive to develop right now, the Russian official said. He added that consumption of hydrocarbons may decline in the medium and long term. It is challenging to define when exactly demand will reduce or how fast this will be. New prospects for resources are related to the Arctic, according to the minister. Offshore resources are 15.7 billion tons of oil, 91.7 trillion cubic meters of gas, and 4.7 billion tons of gas condensate. They are examined in 4.7 percent, 10.1 percent, and 6.1 percent, respectively.
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