Don sees the increase of investment in hydrocarbon exploration in Russia by 30%

Don sees the increase of investment in hydrocarbon exploration in Russia by 30%

MOSCOW, March 2. The increase in investments in hydrocarbon exploration in Russia could reach 30% after the extension of the application of the system of such works in this area. This opinion was expressed by the head of Ministry of natural resources Sergey Donskoy at the meeting with the President of the Russian Federation.

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“In our view, this will be offset by reduced investment in exploration, associated with the macroeconomic situation and, according to experts, the growth of investment in the hydrocarbon exploration could increase by 30%”, – said the Minister.

According to him, today in connection with current market conditions decreased in exploration activities by oil companies around the world, it was 22%. “In these conditions, in accordance with Your instructions, we plan to support the industry, distribute of hydrocarbon areas of application of the so-called principle,” said the don to the President of the Russian Federation, explaining that in such cases, the simplified procedure of licensing of plots which have not yet opened the oil and gas reserves.

The Minister noted that this principle applies only in relation to the search for solid minerals and producing positive results. “Despite the challenging environment, market environment, companies are willing to engage in exploration, but through a simplified procedure. For the past two years, global investment in exploration for solid minerals, the share of Russia increased by more than 50%,” – said Donskoy. In addition, according to the Minister, it is planned to introduce restrictions on the maximum area of land that will be provided in the subsoil, and also on the maximum number of plots for a single applicant, “that there were more participants and more competition”.