Russia estimates its proven reserves to grow by 700 million mt (5.11 billion barrels) of crude oil and gas condenstate and 1.1 trillion cubic meters of gas in 2011, the country's natural resources ministry said Wednesday, citing preliminary data.
The last year was the six straight year that the country's increase in new hydrocarbon resources exceeded production levels, it said.
"Between 2005 and 2011, [Russia's] total oil and gas condensate output came to 3.2 billion mt and the reserves increase stood at 4.7 billion mt. Gas production [over the period] came to 4.2 trillion cu m and the reserves increase was 5.4 [trillion cu m]," the statement said.
A total of 54 new oil and gas fields were discovered in Russia last year, it said.
In addition, blocks covering a total of 400,000 sq km were prepared for licensing, the ministry said.
In 2012, Russia plans to allocate Rb12.5 billion ($412.3 million) from the federal budget to hydrocarbons exploration, up 43.7% from the 2011 figure, the statement said.
The ministry expects to identify forecast resources of around 6 billion mt of oil equivalent in 2012, it said.
