Russia could not develop any new large oil field last year

The search for new oil deposits in Russia to replace those that will be depleted due to output in 2023 yielded terrible results. Russian oil workers reported the lowest numbers of oil deposits in six years.

Source: Russian media, as reported by enkorr

Details: According to Rosnedra data, 43 oil and gas fields were added to Russia's balance sheet before the end of the year.

Although the number of new fields rose by nine over the previous year, just one of them was a major one: the oil and gas condensate field named after R.U. Maganov on the Caspian Sea shelf, which has reserves of 136.2 billion cubic metres of gas.

"There were no large oil fields. Almost all of them were either tiny (reserves of up to 5 million tonnes) or extremely small (less than 1 million tonnes). Burskoye, located in the Russian Federation's Irkutsk area, proved to be the most barrel-rich location. However, its magnitude,  8.7 million tonnes, is comparable to the volume that the oil industry, at the current rate, pumps out from the subsoil in six days," the newspaper writes.

Also among the top three were the fields named after V.P. Orlov (7.5 million tonnes, or 5 days of current Russian output) and Taltimskoye in the Khanty-Mansi Autonomous Okrug (6.1 million tonnes, or 4 days of the output).

In general, oil companies reported finding 565 million tonnes of oil, the lowest volume in six years.

Background: 

• Oil prices declined after market players reduced risk premiums in response to Iran's strike on Israel, which the Israeli government claimed to have caused minor damage.

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