The hydrocarbon reserves of the Russian Arctic shelf sufficient for at least 200 years of production - expert

The hydrocarbon reserves of the Russian Arctic shelf will be sufficient for at least 200 years of production, at current annual volumes, says Alexey Fadeev, professor at the Peter the Great St. Petersburg Polytechnic University's Graduate School of Production Management. 
"The hydrocarbon reserves of Russia's Arctic shelf are estimated at 100 billion tons of oil equivalent. The Russian Federation annually produces about 500 million tons of oil per year. In other words, the current hydrocarbon potential of the Arctic shelf is the possibility of production within 200 years. Of course, it is important to understand that these are forward-looking estimates, but they allow you to find a foothold to see an approximate picture," said Fadeev. 
He explained that 73% of all oil deposits found in the Arctic are located in Russia, but the geological study of the Arctic shelf does not exceed 10%, which means that the timing can be adjusted both upward and downward. 

Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished