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Russia’s Oil Reserves Will Last Through 2080 – Government
Russia’s vast oil reserves are enough to last until at least 2080 at current production levels, the head of Russia’s Natural Resources Ministry said.
In an interview with the RBC news website, Natural Resources Minister Alexander Kozlov said Russia has the equivalent of 59 years of oil deposits and 103 years of gas reserves. The true scale of fossil fuel deposits under Russia’s soil could be even larger, but will require additional state support to accelerate exploration in hard-to-reach areas, such as beneath the Arctic permafrost, Kozlov added.
State-controlled oil giant Rosneft is at the head of Russia’s ambitious plans to develop its Arctic energy resources through a $110-billion investment program that the company hopes will deliver 100 million tons of oil a year equivalent to around a fifth of Russia’s current annual production create 130,000 jobs and involve the construction of 15 new towns and two