Natural resources
Known oil reserves in Nenets Autonomous Area will meet region’s demand for next 50 years – Deputy Governor
© RIA Novosti. Ramil Sirdikov

Known oil reserves in Nenets Autonomous Area will meet region’s demand for next 50 years – Deputy Governor

The known oil reserves in the Nenets Autonomous Area and the adjacent shelf will meet the region's demand for at least the next 50 years, reports TASS, citing Deputy Governor Oleg Belak at the EuroArctic 2015 international oil and gas conference in Naryan-Mar.

Belak said that 20 percent of oil and 1 percent of gas supplies have been used from the region's reserves and the shelf of the Pechora Sea. "Our experts estimate that the known reserves will meet the demand for over 50 years, but some oil companies have reserves for 100 years and more," he said.

Belak also said that other hydrocarbon fields might be discovered in the region. Estimating that only 31 percent of oil and 43 percent of potential gas deposits have been found, noting that some new fields were found in the last few years.

The EuroArctic international conference is taking place for the third time. This year, the forum, headlining with ‘the development of the hydrocarbon potential of the Nenets Autonomous Area and the adjacent shelf: the current state, problems and prospects' gathered over 100 representatives of Russian and foreign research communities, federal and regional government officials and oil company employees.