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Russia to invest $1.2 bn in oil & gas exploration
April 16, 2014, 12:12 pm

 

A tanker seen anchored at the new oil export terminal in the far eastern port of Kozmino on Monday, Dec. 28, 2009 at the opened the new oil export terminal that serves as a key gateway for Russian energy exports to Asian markets. Kozmino is the destination point of a pipeline that pumps crude from huge oilfields in eastern Siberia [AP]

A tanker seen anchored at the oil export terminal in the far eastern port of Kozmino on Monday, Dec. 28, 2009. This oil export terminal serves as a key gateway for Russian energy exports to Asian markets. Kozmino is the destination point of a pipeline that pumps crude from huge oilfields in eastern Siberia [AP]

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.

 

Source: Agencies

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