Geological exploration in Russia to fall in 2015 - minister
MOSCOW. Jan 29 (Interfax) - The volume of geological exploration in Russia could fall in 2015, Natural Resources Minister Sergei Donskoi said.
"We realize we'll probably have a reduction in exploration volumes. It's hard to say to what extent," he said.
The minister said that the relevant issue is planned to be reviewed by Deputy Prime Minister Alexander Khlopinin. This will be done after the companies present their data. The Natural Resources Ministry gave them a relevant order. The Federal Subsoil Resources Management Agency (Rosnedra) and the ministries will look at which projects are at risk.
Answering a question about the possible reduction in oil production, Donskoi said that for now he would not make negative assessments about the future.
"However, the situation is difficult, of course. All companies are talking about this," he said.
The Natural Resources Minister said that oil prices are affecting the situation "not in the best way." On the other hand, he said that the devaluation and reduction in the cost of sales is playing a positive role. In addition, Donskoi said that it is worth it to ask, in the first place, the Energy Ministry the question about the level of oil production. "We are still concerned with reserves above all and preparing fields for development - that is our task," he said.