Russian oil reserves now worth $1.2 trillion after new discoveries

[Kailash Kumar]

Russia oil reserves now worth $1.2 trillion after new discoveries

Nicholas Sakelaris

SEPT. 20, 2019

Russia's oil reserves have nearly doubled in valuation since last year and now total $1.2 trillion, Moscow's Ministry of Natural Resources and Environment reported Friday.

The 88 percent increase is largely attributable to newly discovered reserves and higher valuations for the existing reserve supply. In volume terms, Russia's oil reserves grew by nearly 9 percent and its valuation by $385 billion.

The production cost per barrel remains about $15.50. Oil accounted for 72 percent of Russia's gross domestic product in 2018.

The ministry said the value of Russia's natural gas reserves jumped by $44 billion, to $221 billion, after an increase of 3.6 percent, or 15 trillion cubic meters.

The estimates for oil and natural gas only take into account what's commercially viable to produce.

https://www.upi.com/Top_News/World-...ter-new-discoveries/5651568983603/?sl=2&ur3=1

 

[Yaseen1]

russian total valuation of oil is less than u.s technology giants like amazon,apple,google,microsoft etc,russia are major beneficiary from saudi oil field attacks as it resulted in increase in price of oil but this is temporary gain as world powers are moving away from oil and gas towards renewable energy sources

 

[zectech]

Is this Caspian region oil?

What does this mean for other countries in the region?

 

[Smarana Mitra]

russian total valuation of oil is less than u.s technology giants like amazon,apple,google,microsoft etc,russia are major beneficiary from saudi oil field attacks as it resulted in increase in price of oil but this is temporary gain as world powers are moving away from oil and gas towards renewable energy sources

USA technology giants have speculative value which can't be bought or sold reasonably. Oil is a real commodity which has real value and is fundamental to other valuations.

Russia has more oil than Saudi Arabia and it does not need to benefit from attack on Saudi Arabia

 

[Yongpeng Sun-Tastaufen]

It's pretty stupid Russia sold Alaska which is full of oil to the Yanks for a measly amount. Russia is the only country in human history that sold land.

 

[925boy]

USA technology giants have speculative value which can't be bought or sold reasonably. Oil is a real commodity which has real value and is fundamental to other valuations.

Russia has more oil than Saudi Arabia and it does not need to benefit from attack on Saudi Arabia

Venezuala has more oil reserves than Russia or KSA. real king sht

 

[Ultima Thule]

It's pretty stupid Russia sold Alaska which is full of oil to the Yanks for a measly amount. Russia is the only country in human history that sold land.

Oman sold GAWADAR to Pakistan in 60s this is only for correcting your False hood @Austin Powers

 

[Yongpeng Sun-Tastaufen]

Venezuala has more oil reserves than Russia or KSA. real king sht

Russia has way more oil than Venezuela if shale is included.

 

[Smarana Mitra]

It's pretty stupid Russia sold Alaska which is full of oil to the Yanks for a measly amount. Russia is the only country in human history that sold land.

Russia doesn't have land route to Alaska. Russian land of Siberia makes it very difficult to travel across and then land in Alaska. So, Russia had no choice but to sell Alaska to USA rather than let it get annexed by UK to be part of Canada by force.

Secondly, Alaska not just has oil but also gold. In fact, a couple centuries back, Alaska was known for gold mines

 

[Ultima Thule]

Russia has way more oil than Venezuela if shale is included.

And this shale oil is useless, Canada has world biggest shale oil reserve, but Canada didn't exploit it because its extremely expensive to purify @Austin Powers

 

[Smarana Mitra]

Russia has way more oil than Venezuela if shale is included.

Venezuela has tar sands which is ultra heavy oil similar to asphalt. These oil is actually in semi-solid state and not even liquid. So, it is not exactly oil. That is also why Venezuela can't extract oil like Saudi Arabia, USA, Russia or even other smaller reserve holding countries like Nigeria.

These oil can't even be refined without first being heated to melt and then mixed with diluents to make it into liquid. Even after this, this liquid has to be hydrogenated using natural gas to get lighter products like gasoline. We can consider this as practically semi-coal rather than oil.

Shale oil is not same as Tar sands. Shale oil is same as Saudi Arabian oil or any other normal crude oil. Only difference between shale and conventional crude oil is in the geology of the crude oil basin, not on quality of crude oil. Shale oil is present in tight rocks basin which is difficult to extract and needs horizontal drilling to extract. Conventional oil is in porous rocks which are easy to extract as the rocks have lot of holes (pores) in them which helps in flow of oil from one side to the well to be pumped out.

 

[ARMalik]

Oil again? Oil represents slavery of Human kind, and a weapon to keep this Species hostage. This so called "Energy Source" oil is no different to an ancient Cave-man burning Cow manure.

 

[zzzz]

russian total valuation of oil is less than u.s technology giants like amazon,apple,google,microsoft etc,russia are major beneficiary from saudi oil field attacks as it resulted in increase in price of oil but this is temporary gain as world powers are moving away from oil and gas towards renewable energy sources

Thats only very small part of Russian oil. Russia exports $250 billion of oil per year at current low prices while at the same time increasing its proved oil reserves each year.

 

[Yaseen1]

u.s sells weapons more than that amount per year and if we consider u.s technology giants and other banking and transaction companies russia stands no where,in addition u.s also has huge reserves of oil and gas

Thats only very small part of Russian oil. Russia exports $250 billion of oil per year at current low prices while at the same time increasing its proved oil reserves each year.

 

[zzzz]

u.s sells weapons more than that amount per year and if we consider u.s technology giants and other banking and transaction companies russia stands no where,in addition u.s also has huge reserves of oil and gas

US sells only $60 billion of weapons in a good year. Mostly because of purchases from Saudi Arabia and other Gulf states. Overall US goods exports just 3 times bigger than Russian exports while US population is 2 times bigger.