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Russia’s investment into prospecting expected to grow by 7.3% in 2017

March 29, 6:37 UTC+3 ARKHANGELSK

The Federal Agency for Subsoil Usage (Rosnedra) expects the investment into geological exploration and prospecting to grow to about 400 billion rubles this year

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ARKHANGELSK, March 29. /TASS/. The Federal Agency for Subsoil Usage (Rosnedra) expects the investment into geological exploration and prospecting to grow to about 400 billion rubles this year, the agency’s chief said in an interview with TASS on Wednesday.

"In 2017, we expect about 320 billion rubles (to be invested into prospecting) for oil and gas and 30-35 billion rubles for solid mineral resources, federal budget funds not included," Rosnedra chief Yevgeny Kiselyov told TASS. "From the federal budget, (we expect to receive) 27 billion rubles."

Russia’s natural resources minister, Sergei Donskoi, earlier told TASS that the total amount of such investment in 2016 stood at 356 billion rubles. Therefore, the investment growth will stand at 7.3% year-on-year.

Kiselyov said that the final figure is still subject to revision, but overall investment growth is expected.

"We will calculate it in the end of the year. But we are sure that the companies will stick to the pace stipulated by the terms and conditions of the use of subsurface resources, and technical projects. Our forecasts are based on them. The companies have confirmed the calculations," he said.

Russia’s natural resources minister earlier told TASS that Russian energy giant Gazprom plans to invest 37.8 billion rubles into shelf prospecting this year, while the country’s largest oil group Rosneft will allocate 43 billion rubles for the purpose.

Last year, Russia’s ten biggest nature resources company invested 232.5 billion rubles into prospecting last year. Russia’s four biggest companies (Rosneft, Gazprom, Lukoil and Surgutneftegaz) account for 90% (or some 211 billion rubles) of those investments.

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