Russia's oil reserves grow 600 mln T in 2011

Russia’s oil reserves grew by 600 million tons (4.4 billion barrels) and gas reserves by 900 billion cubic meters due to geological prospecting in 2011, Natural Resources Minister Yuri Trutnev said on Thursday. “In any case, the proved reserves balance will exceed our oil and gas production considerably,” Trutnev told the Rossiya 24 TV channel. “For the sixth consecutive year, we have been expanding the reserves of our natural reserves, which means that each year we prospect more oil, gas, gold, nickel, iron and coal than we extract,” the minister said. Energy Minister Sergei Shmatko has said that Russia will produce 510 million tons of oil and 667 billion cubic meters of gas in 2011. As of the end of 2010, Russia held the first place in the world by gas reserves (44.8 trillion cubic meters) and the seventh place by oil stocks.