Volume of Government financing of geological exploration reached its maximum in 2014 – 36 bln roubles

​The volume of Government financing of the geological exploration in 2014 reached 36 bln roubles, the Minister of Natural Resources, S. Donskoi, said.

“The previously approved documents of strategic planning, including the respective Government program and measures of normative regulation, allowed to significantly increase the volumes of Government and private investment into geological exploration to 290 bln roubles a year within the past years, - he said. – The volume of Government financing in 2014 reached its maximum – 36 bln roubles”.

Within 2 years of realization of the Government program (2013-2014), the budget received about 250 bln roubles of income.

“A stable annual growth of explored oil, condensate and natural gas reserves exceeding the volume of its production has been provided for over a decade already. Today we can state that the growth of oil reserves is comparable with the similar rates as of the end of the 1980s”, the Minister said adding that the growth of the Government and private investment into the sector has led to the discovery of over 290 deposits of hydrocarbons raw materials in Russia within the past 6 years, including large oil and gas deposits.