The Ministry of Energy called cost value of oil production in Russia

Cost value of oil extraction in Russia makes 3−8 dollars for barrel, the Deputy Minister of Energy of the Russian Federation Anton Inyutsyn reported, RIA Novosti reports.

"Due to low cost value of oil extraction, 3−8 dollars for barrel, and growth of depth of conversion from 70 to 80% (and at a number of oil refinery — it is higher than 98%) our resource base remains to one of the most competitive in the world" — the deputy minister's words in the official magazine of "The Russian energy week" are cited.

According to Inyutsyn, in 2016 Russia not only kept leadership in supply of gas in the world markets where its share constituted 20%, but also returned the first place on supply of liquid hydrocarbons, having exported 12% of oil and 9% of oil products.

In March of this year the Minister of Energy of the Russian Federation Alexander Novak reported that Russia has explored reserves of oil and gas for the term of more than 50 years, and cost value of oil production makes 10−15 dollars for barrel.

In March, 2016 the deputy minister of Energy Kirill Molodtsov said that cost value of production of an oil barrel in the Russian Federation averages about 2 dollars, on hardly removable inventories and shelf projects — 20 dollars. In turn, the head of Rosneft Igor Sechin reported that cost value of oil extraction on fields of the company makes less than 3 dollars for barrel.

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