Russia must focus on oil and gas prospecting

Publish date: February 13, 2006

Russia's government must shift the focus in the oil and gas sector away from production and toward expanding the country's mineral resource base, a mining expert said.

According to à rector of St. Petersburg State Mining Institute Vladimir Litvinenko, “As much as 98% of registered oil and gas deposits are now being developed”. He also considers a federal program should be launched for geological prospecting of deposits, with involvement from the state and the private sector, RIA Novosti reported.

“The state, which levies the so-called ‘flat’ mineral resource tax, must allocate funds for the recovery of resources, create means for the funds to be used in new areas, and determine the terms for access to new sites,” he said.

Litvinenko called for the reasonable and efficient use of resources, with consideration of the interests of subsequent generations.

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