Russia oil and gas reserves have been expanding over this decade as exploration activity has increased and been successful. In 2015, Russia added more reserves than any other country.
Oil — Russia jumped up the ranks of the global proven reserves league table, overtaking Kuwait and UAE for the first time to rank sixth behind Venezuela, Saudi Arabia, Canada, Iran and Iraq.1 Russia’s position in the reserves league table remained unchanged in 2017 even though proven reserves increased year-on-year: from 102.4 billion barrels in 2015 to 109.5 billion at the end of 2016, compared to 93 billion in 2013.2
Gas — Russia had a large increase in 2015, adding 1.35 tcm (48 TCF) to its proven reserves but these remained unchanged in 2016 and 2017. Russia had long dominated the world’s reserves league table but ceded the top spot to Iran after BP put Iranian reserves at 33.5 tcm (1,183 TCF). At the end of 2016, BP put Russia’s total proven gas reserves at 32.3 tcm (1,140 TCF).
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