Russia replaces oil, gas reserves in 2008

MOSCOW (Reuters) – Russia has fully replaced its oil and gas production this year with new reserves, Resources Minister Yuri Trutnev said on Thursday.

Trutnev said Russia, the world’s largest gas producer and the world’s second largest oil exporter, had discovered 500 million tonnes of new oil reserves this year and 650 billion cubic metres (bcm) of gas.



Russia’s energy ministry estimates this year’s oil output at 485-488 million tonnes, around one percent down from last year and the first decline in oil production in a decade. Russia’s gas output is expected to come at 660 bcm this year.

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