The head of the Ministry of Natural Resources said that Russia has enough oil and gas resources

VLADIVOSTOK, 6 Sep — PRIME. Russia has sufficient oil and gas resources to supply them both for export and for the domestic market, however, the question of the profitability of reserves and their economy remains, this is being done by the Ministry of Energy and industry companies, Head of the Ministry of Natural Resources Alexander told RIA Novosti on the sidelines of the Eastern Economic Forum (EEF) Kozlov.

The Ministry of Energy called the consequences of limiting prices for Russian oil

“According to the balances that we currently have on record, oil and gas, our country has sufficient resources to provide it. There is always, of course, a question related to the profitability of these reserves, and the economy, calculation models, how much it should cost” – said the minister, answering the question whether there will be enough oil and gas reserves both for supplies under international contracts and for the domestic market.

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“But our colleagues from the Ministry of Energy are already doing this with industry companies to whom powers have been delegated in our country – these are respected colleagues from Rosneft, Gazprom, and so on,” he added. In addition, Kozlov noted that investment programs related to geological exploration (GE) at the fields are at the same level. “Last year, companies spent about 500 billion rubles on exploration, most of the amount associated with hydrocarbons,” he said.

The Minister also recalled that state funding for exploration is directed from two sources: under the program “Reproduction of Natural Resources”, as well as through the state “Rosgeologia”, which is additionally allocated 4 billion rubles annually, which, according to Kozlov, is a lot of money for this structure.

The head of the Ministry of Natural Resources explained that the agency will make forecasts for exploration for the next year in the fourth quarter due to the seasonality of work. And an analysis of the future period of business investment programs will be visible only at the end of the third – beginning of the fourth quarter, when companies form their budgets.

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The WEF takes place on September 5-8 on the campus of the Far Eastern Federal University on Russky Island in Vladivostok. RIA Novosti acts as the general media partner of the forum.

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