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Western sanctions do not affect investment flow to Russian shelf — Deputy energy minister

August 24, 14:14 UTC+3 MOSCOW

The minister has emphasized Russian companies continue to work like they did before

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MOSCOW, August 24. /TASS/. European sanctions did not affect the flow of investment in oil and gas projects on the Russian shelf, Deputy Minister of Energy Kirill Molodtsov said during a press conference in TASS.

"As far as sanctions are concerned, it's a big question. Let the people who imposed them comment on it. We will continue to work like we did before, I don’t see the influence of sanctions," he said.

Deputy Head of Federal Agency on Mineral Resources (Rosnedra) Orest Kasparov said earlier that oil and gas companies will invest about 45 bln rubles ($760.75 mln) in geological exploration on the Russian shelf in 2017.

"In total, in 2017, approximately 45 bln rubles ($760.75 mln) will be invested in geological prospecting on the shelf," he said.

In an interview with TASS, Minister of Natural Resources and Ecology of Russia Sergei Donskoi said that Gazprom plans to spend 37.8 bln rubles ($639 mln) on geological prospecting in 2017, and 43 bln rubles ($726.9 mln) on Rosneft. The volume of investments by Gazprom in offshore operations in 2016 amounted to 30.8 bln rubles ($520.75 mln), which is almost 8 bln rubles ($135.26 mln) less than in 2015. Volume of Rosneft investment in 2016 amounted to 11 bln rubles ($185.98 mln).

According to the minister, as of February 27, 2017, 138 licenses for hydrocarbon raw materials operate on the Russian shelf and within the sea areas, including seven state contracts. 53 licenses are at the disposal of Rosneft, 41 - Gazprom, 14 - Lukoil and 7 - Novatek.

Previously, Donskoi said that investment of largest Russian oil companies in offshore operations in 2016, according to preliminary estimates, decreased by about 3 bln rubles ($50.72 mln) and amounted to 71.4 billion rubles ($1.2 bln).

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