Saudi Arabia will no longer use petroleum as the main source of profit and resource of energy supply. Insted, the kingdom’s government is going to focus on renewable sources of energy.
This has been informed by Masterforex-V Academy with reference to the Minister of Petroleum and Mineral Resources of Saudi Arabia Ali Al-Naimi.
“I believe that Saudi Arabia is an ideal country for renewable energetics,” says the minister, “for we have abundance of sunlight and unused territories, as well as much sand; and that’s all what is needed to out up solar stations.”
However, Al-Naimi does not believe that mankind will be able to absolutely refuse from petroleum in the nearest 50 years, which he finds not so bad anyway.
This is not the first time Saudi Arabia is making a statement about diversification of its economy and lowering dependence on export of petroleum; the latest of such vast plans on “refusal from oil” has been presented this January.
Besides, British-and-Dutch oil-and-gas company Royal Dutch Shell and Saudi Arabian state corporation Saudi Arabian Oil Company (Saudi Aramco) have signed a preliminary agreement on upcoming division of their joint venture Motiva Enterprises.
Russian Oil will Last 28 Years
In his interview to the “Market Leader” the Minister of Natural Resources of the Russian Federation Sergei Donskoi has stated that the country will have enough oil deposits only for 28 years, and its traditional recovery will reduce already in 2020.
Donskoi has calculated that annual recovery of oil in Russia amounts to about 29 million tons, whereas last year’s recovery of crude oil (without gas condensate) amounted to 505 million tons. “If calculations are made head-on, relying on official data, open deposits will last for 57 years. However,” reminds the minister, “according to experts, the number of proved deposits is twice smaller, namely, about 14 billion tons. In such a case, oil recovery will last for 28 years only.”
He says that if new oilfields are not created, recovery from traditional reserves will drop already in 2020. “This will be achieved owing to increase of reserves of “tight oil”, which is oil that is hard to recover,” claims Donskoi.
Experts of Masterforex-V Academy have studied the annual forecast of oil and gas recovery in the Russian Federation, which promises that this year geological exploration will not drop to the critical point.
