Russia has enough gas for half a century: Novak
Russia has enough gas reserves to maintain production at the current level for around 50 years, Russian deputy energy minister Alexander Novak was quoted as saying by the state-owned TASS news agency on November 29.
The former energy minister also said the country could maintain its current oil output for at least 30 years. He added that Moscow was confident there would be sufficient demand for these resources, despite the transition to cleaner energy.
The International Energy Agency (IEA) published a new report in May that concluded that no further investment in oil and gas production was needed in a scenario where the world achieves net-zero emissions by 2050. But Russia and other major oil and gas suppliers have roundly rejected this conclusion.
In its latest statistical review, BP estimates that Russia holds 37.4 trillion m3 of proven gas reserves, which would last for over 58 years based on the country's output in 2020, when supply slumped as a result of the coronavirus pandemic. Assuming the output in 2019, it would be enough to last 55 years.