Russia fully replaces hydrocarbon reserves in 2024, adding 592 mln t of oil and condensate, 708 bcm of gas

MOSCOW. Jan 30 (Interfax) - Russia increased its recoverable commercial (AB1C1 category) liquid hydrocarbon (oil and condensate) reserves by 592 million tonnes and natural gas reserves by 708 billion cubic meters with geological exploration in 2024, the Natural Resources Ministry told Interfax.

"Thus, complete replacement was assured," the ministry said.

Resource developers discovered 39 hydrocarbon fields last year, adding 58.3 million tonnes of oil, 295.5 bcm of gas and 40.4 million tonnes of condensate to reserves.

Deputy Prime Minister Alexander Novak last forecast that Russia would produce 518 million-521 million tonnes of oil and condensate. Gas production was expected to total about 685 bcm.

Russia increased liquid hydrocarbon and natural gas reserves by 550 million tonnes and 705 bcm, respectively, in 2023.