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PressTV.IRAN: Russia says it has huge oil reserves

Tue, 11 Sep 2007 20:32:58
Source: Agencies

Russia claims to have 40 million tons of proven offshore oil and gas reserves, more than four times what it has in its onshore resources.

Deputy Minister of Natural Resources Alexei Varlamov outlined the estimate at an oil and gas conference in Saint Petersburg, the ministry said in a statement.

Currently, the country’s biggest existing offshore project is the Sakhalin-2 oil and gas field in the Far East, which is run by a consortium led by state-controlled gas giant Gazprom.

Gazprom is also the project leader on Shtokman, a massive planned project off the coast of northern Russia in the Barents Sea that is believed to hold 3.7 trillion cubic meters of gas.

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