Russia can potentially extract 367-508 billion barrels of oil, the President of Rosneft Igor Sechin stated at FT Commodities.
“This is significantly larger than not only the U.S. but Iraq, Iran and Saudi Arabia’s oil potential,” he added.
According to Sechin, Russia’s hydrocarbon potential is the largest in the world.
“Thus, the quantity of potentially extractable gas resources in Russia is evaluated at 90-220 trillion cubic meters, which is double the U.S. potential (40-62 trillion cubic meters),” he said, stressing that Russia is able not only to maintain but to even increase the share of its products on the Asian and Trans-Atlantic markets.
Earlier at the conference Sechin stated that extraction of oil in Russia can be increased to up to 700 million tons in a near time. According to Sechin, the oil drilling in Russia is “sustained at a stable level.”
“It needs to be recognized that Opec’s ‘golden age’ in the oil market has been lost,” Sechin said at FT Commodities. “They fail to observe their own quotas for Opec oil output. If quotas had been observed, global oil markets would have been rebalanced by now.”
With this statement, Sechin neutralized the speculations that Russia might accept Saudi Arabia’s proposal to join Opec.
Ministry of Economic Development of Russia has raised the drilling mark in the country to 530,5 million tons in 2015. According to the 2014 data, oil drilling in Russia amounted to 526,7 million tons.