For the first time in history, the Ministry of Natural Resources and Environment has estimated the overall cost of oil and all other minerals in Russia, RBC reports.
As of the end of 2017, the value of Russia’s oil reserves was about RUR 40 trln ($613 bln), and natural gas, over RUR 11 trln ($169 bln). For comparison, 2017 GDP was about RUR 110 trln ($ 1.7 trln). Specialists at the Ministry also calculated the cost of coking coal reserves: it amounted to about RUR 2 trln ($31 bln). The value of other kinds of natural riches in Russia is somewhat lower: iron ore, RUR 808 bln, diamonds, RUR 505 bln, and gold, RUR 480 bln. Therefore, the total cost of the country’s natural resources added up to over RUR 55 trln ($843 bln), or about 60% of GDP.
It should be noted that the Ministry of Natural Resources estimated only proven reserves, with exploration and production licenses already issued and project plans in place. The actual amount of prospected reserves is much larger, let alone all reserves in general. In physical terms, the Ministry estimates oil reserves at 9 bln tons, and gas at 14.5 trln cubic meters. At the same time, according to the British oil company BP, Russia’s proven reserves are much greater: 14.5 bln tons of oil and 35 trln cubic meters of natural gas.