The Minister also noted that for the growth of annual production in Eastern Siberia there must be an increase to over 25 million tons - roughly 500,000 barrels of oil per day - in the very near future.
With domestic demand for oil seen rising in the not-too-distant future and the launch of a key pipeline to China, Yuri Trutnev, Russia's Minister of Natural Resources said that more reserves in East Siberia need to be found and said the current pace of exploration in the region and in Sakha Republic (Yakutia) was unacceptable.
According to the minister, the State has increased investment in the discovery and evaluation of mineral resources that has led to some positive changes in the industry. However, the funds foreseen in the program is not enough, he said.
In particular, Yuri scheduled drew the meeting's attention to the pace of exploration on the continental shelf in Russia and Eastern Siberia. "Such growth is unlikely to provide a quick replacement of individual mineral commodities, above all oil," he stressed. The Minister also noted that for the growth of annual production in Eastern Siberia there must be an increase to over 25 million tons - roughly 500,000 barrels of oil per day - in the very near future.
Trutnev made the comments Wednesday at a conference that discussed liscensing and geological studies for the region.
Also speaking at the conference, Sergei Fedorov, the co-director of the Department of Public Policy in the field of geology and mining, said that in 2005 recoverable oil reserves in Eastern Siberia and the Republic of Sakha (Yakutia) resulting from exploration carried out by companies, amounted to 6.7 percent of that which was planned.
According to Fedorov, in the Eastern Siberia and Sakha Republic (Yakutia) there are currently 120 (including Taimyr autonomous areas and the north of the Krasnoyarsk Territory) licensing sites for geological exploration and production of oil and gas, including those held by Russian oil companies such as Rosneft, Surgutneftegaz and TNK-BP Holdings. Furthermore, there were 46 other geological studies of mineral resources, prospecting and exploring oil and gas, as well as the extraction of hydrocarbons, underway.
In 2006, in the region an additional 27 sites were auctioned.
Yuri Adler noted that the heightened demand for exploration blocks in the region is largely linked to the construction of the Eastern Siberia - Pacific oil pipeline. However, Adler said not all companies are actively working at the sites of mineral resources.
The Eastern Siberian Pacific oil pipeline will connect the Chinese border with Russia's Pacific Coast, and is scheduled to begin operations to China next year.
source news : speroforum.com
Your Ads At Here
