Absence of large unlicensed fields to encourage exploration
MOSCOW. Dec 24 (Interfax) - The sale of the last major oil and gas fields and absence of large explored unlicensed fields ought to encourage exploration by oil companies, Natural Resources Minister Sergei Donskoi told reporters.
"Auctions on such a scale [as Imilor and Shpilman] won't take place any more. The race for large fields is now over, companies will have to engage in exploration," he said.
If a company can afford to pay billions for explored sections, it can afford to invest as much in exploration, he said.
The Lodochnoye, Shpilman and Imilor auctions could bring in more for the budget than planned. "Budget revenue this year will be met in full, about 44 billion rubles. I think we'll also fulfill our plans next year, and this is also 44 billion rubles, although auctions on this scale are not planned," Donskoi said.
Rosneft Samotlorneftegaz won the Lodochnoye auction and Surgutneftegas the Shpilman auction this month. The Imilor auction takes place on December 25.
