04 October 2016, 11:52 / Business

The Ministry of Energy believes that Russia has half a century of hydrocarbon reserves

Russia's existing hydrocarbon reserves will last for at least another 40–50 years, Deputy Energy Minister Kirill Molodtsov said on the sidelines of the St. Petersburg International Gas Forum.

This is how he commented on the statements of the head of Sberbank of Russia, German Gref, that oil and gas reserves in Russia could run out by 2028–2030.

“We see that the age of oil and gas, no matter how much someone might like it, is coming to an end. Now we are talking about when we might run out of this monoproduct. In my opinion, this is approximately 2028–2032, when, in my opinion (it’s not a fact that I’m right), according to all feelings, according to all the trends that we see today, there will be no repetition of such a super raw material cycle. We must prepare for this,” he said.

Gref said that historically, the exit from the mono-resource state of the economy is very painful, but it changes the quality of economic growth.

In March, Natural Resources Minister Sergei Donskoy said that the ministry estimates that Russia's proven oil reserves will last for 28 years, and its recoverable reserves for about 57 years.

Previously on the topic: Gref: Russia will not be able to count on oil and gas after 2030 Previously on the topic: Gref leaked oil