Siberia Running out of Oil

This very important piece of news is not available in English, so I am providing a brief translation.

No More Non-Producing Oilfields in Khanty-Mansiysk Autonomous Area (Yugra)

Director of the Oil Gas and Mineral Resources Department of Khanty-Mansiysk Autonomous Area (located in Western Siberia and known as Yugra – R.C.) Veniamin Popov recently reported that his region has no more non-producing oilfields (Yugra accounts for 56.4% of Russia’s oil supply – R.C.). Development of the last reserve oilfield in Yugra started in the first quarter of 2005. All the other oilfields of Yugra are being produced and the production is either steady or falling. Because of that, the rate of oil production growth fell dramatically as compared to 2004. Nevertheless, in Q1 of 2005 Yugra supplied 64,471 thousand tonnes of oil (5.22 million barrels a day – R.C.), which represents 1 mln. t. increase over Q1 of 2004.

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