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Russia oil reserves to last 50 years

Marţi, 25 septembrie 2007, 0:00

Russian oil resources will last for another 50 years and natural gas reserves for another 75 years, according to former Soviet Geology minister Evgeny Kozlovsky, quoted by Newsru.

According to his declarations, the time limit takes in consideration the volume of existing reserves and its production prognosis. Serious investments of minimum 50 billion Russian rubles a year are needed if one considers changing the data.

In his opinion, during the post-Soviet years no other resource deposits were found because big companies are not stimulated to invest in research.

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