Russia's natural gas reserves will last for more than a century, Alexey Miller, chairman of the board of gas giant Gazprom, said on Friday.
"Gas reserves in Russia, Gazprom's gas reserves are the largest in the world. And we won't have any problems with our reserves for the next 100 years," Miller said at a business conference in Moscow, as carried by Russian news agency TASS.
Some of the gas fields that Gazprom is developing in the Yamal region have the potential to produce gas until 2132, Miller noted.
"The prospects for pipeline gas supplies are quite great," Gazprom's head said.
Last week, Gazprom completed the construction of the Nord Stream 2 pipeline, although gas flows on the controversial Russia-led pipeline cannot begin until Germany grants an operating license to the project.
Earlier this month, Russian Deputy Prime Minister Alexander Novak said that Russia's offshore Arctic resources alone could last for decades and even centuries.
"The potential of the Arctic zone is huge. Speaking about offshore resources only, those are 15 bln tonnes of oil and around 100 trillion cubic meters of gas. That will suffice for decades, hundreds of years if they are required and it is economically reasonable," Novak said on Thursday, as carried by Russian news agency TASS.
These resources, however, are very expensive to develop right now, the Russian official said, but noted that the government plans to encourage offshore Arctic development regardless.
Massive offshore Arctic development would take place only if needed and only if other regions in Russia run out of resources, Novak added.
Arctic offshore project developments in Russia are under U.S. sanctions which ban the provision of services or technology in support of exploration or production for deepwater, Arctic offshore, or shale projects.
Earlier this year, Russian Natural Resources Minister Alexander Kozlov said that Russia's oil reserves would last until 2080 at the current pace of annual production.
Russia also has natural gas reserves for another 103 years of annual production at current output levels, the minister said.
By Tsvetana Paraskova for Oilprice.com
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