Russia’s oil fields 96% depleted, while investors flee and Ukraine strikes refineries, intelligence says

Ukraine’s Foreign Intelligence Service has reported that Russia has about 13.2 billion tons of economically viable, proven oil reserves, enough for roughly 25 years of production.

At the same time, 96% of the subsoil fund has already been allocated, indicating near-full utilization of available fields.

Investors losing interest

According to the results of 2024 auctions, one-time payments for hydrocarbon extraction rights amounted to only $50 million, with half the revenue from placer gold mining, a sector less significant for the budget.

This signals a sharp decline in investor interest in Russia’s oil and gas industry.

Technology and resources at the limit

Ukraine's intelligence notes that over the next 10–15 years, the potential for further exploration of existing fields in Russia will be exhausted. Limited funding and a lack of technology to develop hard-to-reach, geologically complex, and remote regions undermine Russia’s energy and economic security, casting doubt on the long-term stability of its oil and gas sector.

Earlier, Euromaidan Press reported that Ukraine disabled 17% of Russia’s oil refining capacity through a wave of recent drone strikes targeting key infrastructure.

The attacks, carried out over the past month, have disrupted fuel processing, sparked gasoline shortages, and hit the core of Moscow’s war economy as Washington seeks to broker a peace deal.