Rosnedra Estimated the Volume of Hard-to-Recover Hydrocarbon Reserves
Hydrocarbon reserves classified as hard-to-recover in Russia are colossal, and “we need to work with them,” said the head of Rosnedra, Evgeny Petrov.
“Today we have about 970 billion tons of geological hard-to-recover reserves, 3.4 billion recoverable. That is, these are colossal reserves that need to be worked with. And hard-to-recover reserves is still more of a technological and economic parameter. And as it develops, as establishing technological sovereignty, these fields will move from the hard-to-recover category to profitable ones,” he said during the National Oil and Gas Forum.
Petrov also noted that the recent introduction of a new type of licensing at technological sites has attracted the interest of all vertically integrated oil and gas companies.
“We are now actively monitoring how they are developing, because our colleagues are testing their new equipment, which is being put into circulation, first of all at these test sites,” concluded Petrov.
A new type of subsoil use in the Russian Federation was developed in accordance with amendments to the law “On Subsoil” dated December 2, 2019. It is designed to allow the focus to be on technology development rather than the drilling or resource management obligations of the traditional operating model. At such sites, the procedure for preparing and approving project documentation is also simplified.
Last June, the Ministry of Natural Resources reported that, together with the Ministry of Finance and the Ministry of Energy, it was discussing mechanisms to stimulate the development of technologies at hard-to-recover technological sites.
