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Tuesday, September 25, 2007

Signs of the Neo-Soviet Apocalypse: Russia is Running Out of Oil and Gas

RIA Novosti reports:

Russia will run out of crude oil reserves in 50 years, and the country's natural gas will be depleted in 75 years, a geologist specializing in oil production said Monday. Yevgeny Kozlovsky, who served as geology minister in the Soviet Union, said the forecast was based on predicted production levels and the size of current reserves, including possible new finds. The scientist, who heads a department at the Russian State Geological Prospecting University, said investment in prospecting totaling at least 50 billion rubles ($2 billion) was needed annually to increase reserves, as well as highly-skilled staff capable of using the funds effectively. "This is a question of allocations and staff," he said. Kozlovsky said that the post-Soviet era has not brought any new major discoveries, as there are no incentives for companies to invest in prospecting. He proposed that laws be approved to grant companies the right to develop deposits they have discovered. Kozlovsky also urged for favorable tax conditions to be introduced for companies developing problematic deposits. He said that Russia could potentially produce an additional 150 million metric tons of oil (1 billion barrels) annually.


Anonymous said...

Dearie me, back in the 1970s the CIA (!) reported that the USSR was going to run out of oil and become a net oil importer by 1991. :) In that year, the USSR ceased to exist and today Russia ranks first among oil and gas exporters!

La Russophobe said...

If you study only a little, you'll learn that it is an absolutely indisputable fact that Russia's oil resources are finite and will exhaust. The only questions are when, and what will Russia do for money then.

If you read your own words even a little (try it some time) you'll notice that the USSR ceased to exist. It's a moderately important point since Russia is following in its footsteps, being ruled by a proud KGB spy.

And, dearie me, have you ever heard of providing links to source material to substantiate your claims? If you don't, you might be taken for a simple, nameless moron.