Russia has world''s largest oil, natural gas reserves -- minister

[Arzamas 16]

MOSCOW, July 12 (KUNA) -- Russia has oil reserves of 17.8 billion tons and natural gas reserves of 48.8 billion cubic meters, which makes the country holds the world's largest reserves in these two commodities, the Interfax reported Friday.

Minister of Natural Resources and the Environment Sergey Donskoy told the press that revealing this vital information would help generate more investments opportunities in Russia, especially in the extraction and production of hydrocarbons.
Nonetheless, the ministry announced earlier recently that oil production will not exceed 520 million tons in the next three years.

Before the release of the official data Russia was placed second in the world by gas reserves after Iran, with 32.9 trillion cubic meters, and eighth by crude oil reserves, after Venezuela, Saudi Arabia, Canada, Iran, Iraq, Kuwait and UAE, with 11.8 trillion cubic meters of oil. (end) as.nfm KUNA 122018 Jul 13NNNN

KUNA : Russia has world''s largest oil, natural gas reserves -- minister - Power & Materials - 12/07/2013

 

[Chinese-Dragon]

That is amazing. Truly amazing.

The world's largest supply of oil and gas... completely out of any Western control or influence. Fantastic.

Not to mention that China, the world's largest consumer of energy, is connected to Russia by pipeline.

 

[Argus Panoptes]

Yes, but Russia is worried that falling gas prices in international markets due to shale reserves being exploited in North America are going to cause a serious drop in its revenues.

 

[Arzamas 16]

Yes, but Russia is worried that falling gas prices in international markets due to shale reserves being exploited in North America are going to cause a serious drop in its revenues.

Shale needs 100 dollars a barrel to profitable enough to extract it, so it kind run against your argument. The era of cheap is over.


and oil prices seems to keep rising

Oil prices surge above $106, while gasoline tops $3.50 - Jul. 10, 2013

 

[Argus Panoptes]

Shale needs 100 dollars a barrel to profitable enough to extract it, so it kind run against your argument. The era of cheap is over.


and oil prices seems to keep rising

Oil prices surge above $106, while gasoline tops $3.50 - Jul. 10, 2013

Not shale oil Sir, shale GAS. As in natural gas.

Schumpeter: Spooked by shale | The Economist

 

[Arzamas 16]

Not shale oil Sir, shale GAS. As in natural gas.

Schumpeter: Spooked by shale | The Economist

US does not export Shale gas to Europe or Asia, so its a no threat to us at the moment.

 

[Argus Panoptes]

US does not export Shale gas to Europe or Asia, so its a no threat to us at the moment.

With USA buying less gas from abroad, the prices in international markets fall due to increased supply relative to demand, i.e. more supplies chasing fewer customers.

 

[Arzamas 16]

With USA buying less gas from abroad, the prices in international markets fall due to increased supply relative to demand, i.e. more supplies chasing fewer customers.

we pipelines connecting directly to to our customers, most supplies don't have that, they have to ship them by sea, so we have big advantage.