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Global geological exploration to fall in 2016 by 10-20% — Minister of Natural Resources

February 26, 23:20 UTC+3 KALININGRAD
"Different companies in different regions behave differently, but in reality the general situation goes like this," Russian Minister of Natural Resources and Environment Sergei Donskoi said
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© Photo ITAR-TASS/ Yuri Smityuk

KALININGRAD, February 26. /TASS/. Global geological exploration is going to decline in 2016 by 10-20%, Russian Minister of Natural Resources and Environment Sergei Donskoi said Friday.

"Different companies in different regions behave differently, but in reality the general situation goes like this," he said, noting that the trend also applies to Russia.

At the same time, Donskoi believes reduction of geological exploration in unlikely to affect the current production, including hydrocarbons, "I would not connect it." Donskoi said that exploration is a long-term investment, and development of deposits that have been discovered, for example this year, "will not take place even this decade."

According to him, Russian companies are already talking about plans to focus on further exploration of already opened and operating deposits. ‘Longer wells will be drilled, new missed deposits will open", the Minister explained, adding that this is "natural" in the situation of reducing the long-term investment in the industry, especially in hydrocarbons.

The Ministry of Natural Resources, however, tends to reduce the impact of the general situation of long-term investments in the exploration of new fields, the Minister said. "For our part we are trying, at least, to make the current situation have a lesser impact on long-term investments in exploration," he said.

"Geological exploration - is not only about building up reserves, it is about sustainable development," the Minister noted. "In any case, geological exploration should be developing," he concluded.

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