Russia » Economics
Author`s name Michael Simpson

British Petroleum: Russian Oil to Run Out in 22 Years

Russia plans to make gas the key energy export product
Analysts with British Petroleum say that Russian oil oligarchs may live their careless life for 22 years more. This is the period within which, according to an annual research of the British company, Russian oil reserves will be quite enough for the country if the present-day exploration and extraction level is preserved.

The BP report contains information about production, consumption and prospected reserves of the "black gold" in all petroleum producing countries. 6 percent of the world oil volume falls on Russia. According to expert estimates, total oil resources in the world make up 1.05 trillion barrel; BP specialists say the reserves will be enough for 40 years.

The BP research was applied not only to oil. Experts of the company say that gas is gaining more popularity as a source of energy. Other researchers, the US Energy Agency and the International Energy Agency in particular, share this opinion. Doctors and ecologists are happy with the switching from petroleum to gas because usage of gas has less influence upon the environment and human health.  
 
Russia won't suffer as a result of the switching from petroleum to gas; the country plans to make gas the key energy export product. Russia is among the world's leading countries regarding the number of explored gas fields. 30 percent of the planet's natural gas reserve is in Russia. In the terms of the present-day gas recovery the reserve will be enough for about a century.
 
China turns out to be the basic energy consumer in the world. The country registered the highest increase in energy consumption last year; according to official information, the increase made up 20 percent. And although analysts are careful about information reported from Beijing, the tendency is quite obvious. Majority of experts agree that China and India will be the key energy consumers in the world within the nearest 50 years. Despite the slowdown of the world economy the global energy consumption increased by 2.6% in 2002.