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10 Mar, 2009 17:03

Putin promises Europe enough oil and gas for 100 years

Putin promises Europe enough oil and gas for 100 years

Russian Premier Vladimir Putin says research shows that Russia has enough oil and gas for itself and for Europe for the next 100 years.

“We have enough energy resources to meet our own growing demands as well as the demands of our European consumers for at least another hundred years. I am saying this with full responsibility based on serious research,” said Russian Prime Minister Vladimir Putin at a news conference following talks with his Hungarian counterpart Ferenc Gyurcsany.

The CIA World Factbook estimates Russia’s oil deposits at 79 billion barrels and natural gas at 44.65 trillion cubic meters.

Europe imports a quarter of its energy resources from Russia, the share of Russian gas making up 42 per cent of all natural gas consumed in Europe.

Russia’s main gas producer Gazprom is currently building the South Stream and Nord Stream gas pipelines to increase supplies to Europe. Once finished, the two pipelines will satisfy approximately 16 per cent of Europe’s gas needs.