State support of geological exploration should provide increase in hydrocarbon reserves 1.5-2 times more than their production

The state must change mechanisms of geological exploration and prospecting works in principle; the aim of the policy should become provision of increase in hydrocarbon reserves, which would exceed the production level at least 1.5-2 times, Speaker of the Federation Council V.Matvienko reported.

“Mechanisms of state support of geological exploration and prospecting works must be changed in principle. They should stimulate carrying out of geological exploration on account of own funds and efforts of private companies,” – the Speaker said.