Russia Oil and Gas, Geological prospecting
By 2020, 16.2 billion rubles will be spent on the reproduction of the mineral resource base and geological study of the depths of the Far East.
The CEO of RosGeo R. Panov has visited the exhibition of 21st Africa Oil Week. Africa Upstream in Capitown, SAR, and has held a number of the meetings with the representatives of the leading oil and gas companies.
Within the Russian and South-African business forum, Mr. Panov and the management of ZarubezhGeologiya, a subsidiary of RosGeo specializing in the foreign projects, held a number of the meetings with the representatives of the South-African oil and gas corporation Petro SA.
In 2014, RosGeo can increase revenue by 15% to 10.4 billion rubles, the Vice CEO for Economics and Finance, I. Silina says. Income from geological exploration activity of the company shares 95% in total revenue. RosGeo is going to increase net profit to 260 million rubles and EBITDA to 940 million rubles.
The forecast EBITDA is 9%, and profitability by net profit is 2.5%.
RosGeo did not make public its consolidated results in EBITDA and net profit before.
The forecast growth in revenue is explained by enlargement in the contract base, optimization and re-distribution of the priority work and more intensive work in Eastern Siberia and the Far East.
Gennadiy Schmal: The stabilization of oil extraction should be the primary objective of the geology development strategy.Edited by Rhod Mackenzie / 2014-06-25 01:36:28
The State Duma held parliamentary hearings on the topic: "The Development Strategy for the Geological Sector of the Russian Federation until 2030". Our expert – the President of the RF Union of Oil and Gas, Gennady Schmal - commented upon the results of the parliamentary hearings.
"The strengthening of JSC "Rosgeologiya" by 10 state geological enterprises included in the privatization plan, and the creation of a network of federal budgetary institutions under Rosnedra's jurisdiction – is a small private matter that does not reflect the situation that exists today in the geological sector of the country. The logical question arises: why ten, not twenty organizations, not all the other companies that are still represented in the industry?