Russia’s oil reserves to touch 470 million mt in 2023 – TASS

New oil exploration activities in 2023 have leveraged Russia’s oil and condensate reserves, the country’s state-owned media agency TASS reported citing a source in Russia’s Federal Agency of Mineral Resources.

PHOTO: Crude oil flowing out of oil barrels with the Russian flag. Getty Images

Russia’s oil reserves have grown after exploration activities increased in 2023, TASS claims. The total oil reserves in Russia are expected to be around 470 million mt in 2023, TASS added quoting the ministry source.

“Investments by subsoil users on geological exploration of hydrocarbon feed in 2023 and 2024 are expected to keep the [oil reserve] trend of previous years,” TASS said. Total investments over the past years have totalled around 300 billion rubles ($3.38 billion), according to the agency. In 2022, total investments reached 315.7 billion rubles ($3.56 billion), TASS further stated.

Earlier this year, Russia’s deputy prime minister Alexander Novak projected the country’s total oil production at around 527 million mt this year, TASS said.

By Aparupa Mazumder 

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