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Russia lifts veil over oil

July 10, 2013 at 8:15 AM

MOSCOW, July 10 (UPI) -- Russian Prime Minister Dmitry Medvedev signed a measure last week making national oil reserve information readily available, a government ministry said.

A resolution prepared by the Russian Natural Resources Ministry declassifies information related to Russian oil reserves. Previous Russian laws restricted the release of information related to strategic mineral reserves.

The U.S. Energy Information Administration, the statistical arm of the Energy Department, reports Russian holds 60 billion barrels of proven oil reserves. The EIA's September analysis said most of Russia's oil reserves are in West Siberia. It says East Siberia holds some oil reserves, though little exploration activity has been conducted in that region.

The Russian government said the declassification would make reserve areas in the parts of West Siberia more attractive to potential investors, Russia's state news agency RIA Novosti reported. The Tuesday report did not publish reserve estimates.

The EIA reports Russia exported 4.9 million barrels of crude oil per day in 2011. Most of the oil production originated from West Siberia.

Russia is among the world leaders in terms of proven oil reserves.

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