The Сost of All Oil in the Country was Estimated in Russia
OREANDA-NEWS The Ministry of Natural Resources and Ecology for the first time estimated the value of mineral reserves in Russia. The first assessment is given at the end of 2017, then it will be updated annually.
The cost of oil reserves amounted to 39.6 trillion rubles.;
- the cost of gas - 11.3 trillion rubles.;
- coking coal-almost 2 trillion rubles.
In addition, the Ministry of natural resources estimated reserves:
- iron ore - 808 billion rubles.;
- diamonds - 505 billion rubles.;
- gold - 480 billion rubles.
The total cost of all mineral and energy resources (oil, gas, gold, copper, iron ore, coal, energy and brown, diamonds) amounted to 55.2 trillion rubles, or 60% of GDP for 2017.
In accordance with the methodology of the Ministry, the object of evaluation is "reserves estimated in the context of subsoil plots for which a license for subsoil use has been issued in the prescribed manner and for which there is a technical project approved in the prescribed manner and other project documentation for the execution of works". That is, the estimate of the Ministry of natural resources is less than the total amount of proven reserves.
To estimate the income approach is used-a set of valuation methods based on the determination of potential revenues associated with the exploitation of resources. The value of discounted net cash flow, which can be obtained as a result of mining and sale of minerals in all subsoil areas, is a generalizing indicator of the assessment.
In real terms at the end of 2017, the Ministry of natural resources estimated:
- oil reserves - 9.04 billion tons;
- gas — 14.47 trillion cubic meters;
- gold - in 1407 tons;
- diamonds - 375 million metric carats.
For comparison, according to the British BP (statistical Yearbook–2018), the proved oil reserves in Russia at the end of 2017 amounted to 14.5 billion tons and natural gas of 35 trillion cubic meters Reserves of gold in the depths of Russia, according to the U.S. Geological survey, was at the end of 2017 - 5500 tons