Russia holds the world’s largest technically recoverable shale oil resources

17 january 2014 | Nezavisimaya Gazeta

The British company BP has lately presented a report entitled ‘World Energy Outlook” forecasting development of global energy markets until 2035. According to the report, Russia will remain the world’s leader in terms of energy export volumes.

Irina Pominova
Irina Pominova
Department for Strategic Studies in Energy

Adviser to the Directorate for Strategic Studies in Energy of the Analytical Center for the Government of the Russian Federation, Irina Pominova informed the “Nezavisimaya Gazeta” newspaper that one of the key events mentioned in BP’s “World Energy Outlook” report had to do with the company’s positive expectations regarding the future of shale oil. For instance, by 2035 its contribution to the global production will have reached 7%. Ms. Pominova believes that Russia stands high chance of being successful in this market.

“According to the U.S. Energy Information Administration, Russia holds the world’s largest technically recoverable shale oil resources. Just the other day “GazProm neft” and Shell set up a joint venture for shale oil exploration and development in Western Siberia. Slightly earlier, in December, “Rosneft” and ExxonMobil did the same thing,” - Ms. Pominova remarked.   However, Ms. Pominova believes that BP forecasts should be treated with much caution as quite often they reflect interests of the companies involved in report compilation.