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Russia can resume licensing of Arctic offshore areas — regulator

The Russian government and the State Duma are viewing a draft law making possible to resume licensing of offshore areas in Arctic Russia

VLADIVOSTOK, September 11. /TASS/. The Russian government and the State Duma are viewing a draft law making possible to resume licensing of offshore areas in Arctic Russia, head of the Federal Agency for Mineral Resources (Rosnedra) Evgeny Kiselev told TASS on the sidelines of the Eastern Economic Forum on Tuesday.

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Budget for Arctic development in 2018 might amount to $13.65 mln

"Licensing was suspended. Not merely for Koryakiya [Koryakiya-1 area that can be the first to be presented at the auction between Gazprom and Rosneft - TASS]. The problem was systemic by nature. The bill is aimed at resolving it. I hope it will pass the State Duma and all the issues will be settled. It [the bill - TASS] is reviewed by the government and the State Duma," the official said.

The Russian government made a decision to impose a temporary moratorium on extension of Arctic offshore licenses in 2016.

Investments into exploration

Russia’s demand for investments into exploration of solid mineral resources is estimated at about 80 bln rubles ($1.1 bln), Kiselev said.

"We need to spend 80 bln [rubles] ($1.1 bln) for solid mineral resources," the official said.

The regulator encourages greater private investments, he added.

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