Russia is boosting its exploration for oil, natural gas, and minerals on its continental shelf with its first comprehensive studies in 30 years.
Russia is boosting exploration for oil, gas, and minerals on its continental shelf as it has launched the first comprehensive geological and drilling studies in 30 years, according to its Federal Agency for Mineral Resources.
Oil and gas volumes that have been added to resources increased by 20% in 2023 compared to 2022, he noted. “Despite the foreign media claims about stagnation in our mining and geological prospecting sector, I can say that the sector is growing steadily and there is no decline in funding, first and foremost by mineral developers,” Petrov was quoted as saying. Russia is now on its own in exploration after nearly all Western companies abandoned Russian operations following the invasion of Ukraine.
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