Lack of financing for geo exploration could lead to drop in production in 10-15 years - Khramov
MOSCOW. Nov 13 (Interfax) - The Russian Natural Resources and Environment Ministry does not see any reason for hydrocarbon production volumes to fall, but if there is a lack of financing for geological exploration work, production might decline in 10-15 years, Russia's Deputy Natural Resources and Environment Minister Denis Khramov told journalists.
"We are seeing that production will not start falling very quickly. We see that in the short-term and even in the medium-term we will guarantee current production levels through proven reserves. We are worried [by production volumes] only beyond the planning horizon of 10-15 years because if money isn't invested in drilling and work today, we won't discover the fields that will provide production then," he told journalists.
Khramov added that Russia's development scenario includes production of around 520 million tonnes of oil per year. This includes the energy development strategy, the socioeconomic development strategy and other program documents.
"We are producing exactly as much as the country's development allows us based on these documents, and as much as the license obligations with our partners allow us," he said.
