|Follow us on:|
The Russian Ministry of Natural Resources has estimated expenditures for planned hydrocarbon exploration in five prospective zones at 44.3 billion rubles ($1.2 billion).
The zones proposed by the ministry will cover the resource-rich regions of the Caspian Lowland, in addition to the West Siberian and East Siberian oil and gas areas, the ministry’s head Sergei Donskoy said at a conference Wednesday.
A large portion of the spending will go toward hydrocarbon exploration in the Gydansko-Khatangskaya zone in West Siberia and the Argishsko-Chunskaya zone in East Siberia, Donskoy said.
Industry experts say 2013 might have been one of the worst years for oil and gas exploration as large conventional oilfields get rarer.