Oil reserves in Russia 1990-2019

In 2019, Russia's oil reserves amounted to 14.7 billion metric tons, accounting for over six percent of global petroleum reserves. The largest proved oil reserves in Europe and Eurasia were located in Russia, followed by Kazakhstan and Norway.

Where is Russian oil extracted?

The largest share of oil and gas production activities in the country take place in Western Siberia. Exploration of natural resources in this area have steadily developed since the 1960s. The second leading region is the Volga-Ural oil and gas province, with major oil deposits situated in Bashkortostan and Tatarstan republics.

How long will Russian oil reserves last?

In 2020, Gazprom Neft’s Head of Strategy and Innovation Sergey Vakulenko stated that Russian oil reserves were sufficient for profitable production with already used technologies and at current rates for approximately 30 more years. Further extraction would be more costly, as it would require innovative equipment.