Russia's Hydrocarbon Reserves Exceed Production in 2012

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Russian Natural Resources Minister Sergei Donski has reported that the growth in the country's hydrocarbon reserves exceeded production in 2012. The data is based on geological surveys.

In a meeting with President Vladimir Putin, he said that oil reserves increased 681 million tons and natural gas reserves were up 816 billion cubic meters.

Oil production in 2012 was 518 million tons, an increase of 1.3% from 2011. Gas production was 655,007 billion cubic meters, a decrease of 2.3%. Oil reserve increases exceeded production by 31.5%, and gas reserves topped production by 24.6%.

Between 2005 and 2011, total oil and condensate production was 3.2 billion tons, while reserves grew 4.7 billion tons. Total gas production for the period was 4.2 trillion cubic meters, with reserves growing 5.4 trillion cubic meters.

The minister reported that Russia also had increased production on a range of other minerals, including coal, iron and copper.

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