Hidden depths: Gazprom expects a major reserves boost from the Arctic shelf
Gazprom counts on Arctic bonanza
Russian gas giant Gazprom said today its hydrocarbon reserves on Russia's Arctic shelf look set to increase by 5.6 billion tonnes (41.1 billion barrels) of equivalent between this year and 2020.
In a statement released on its website, Gazprom said Russia currently had reserves of about 100 billion tonnes of equivalent on the shelf, of which 80% is gas.
"In 2005-2008, Gazprom's reserves on the Russian shelf grew by 1.5 billion tonnes of fuel equivalent as a result of geological exploration work," Gazprom said in the statement.
"The expected growth of Gazprom's hydrocarbon reserves on the Russian shelf between 2009 and 2020 will be around 5.6 billion tonnes of equivalent," it said.
As well as Gazprom, state-controlled oil producer Rosneft and several other companies will operate on the shelf.
Last year, total hydrocarbon reserves held by Gazprom rose by a record 10% after the government granted it 10 major gas deposits and its oil reserves were boosted.
Last year, Gazprom had total hydrocarbon reserves equal to over 215 billion barrels of oil equivalent, according to estimations by analysts.