Russia to invest $1.2 bn in oil & gas exploration

A tanker seen anchored at the oil export terminal in the far eastern port of Kozmino on Monday, Dec. 28, 2009. This oil export terminal serves as a key gateway for Russian energy exports to Asian markets. Kozmino is the destination point of a pipeline that pumps crude from huge oilfields in eastern Siberia
Source:     Time:17 Apr 2014
The Russian Ministry of Natural Resources has estimated expenditures for planned hydrocarbon exploration in five prospective zones at 44.3 billion rubles ($1.2 billion).
The zones proposed by the ministry will cover the resource-rich regions of the Caspian Lowland, in addition to the West Siberian and East Siberian oil and gas areas, the ministry’s head Sergei Donskoy said at a conference Wednesday.

A large portion of the spending will go toward hydrocarbon exploration in the Gydansko-Khatangskaya zone in West Siberia and the Argishsko-Chunskaya zone in East Siberia, Donskoy said.

Industry experts say 2013 might have been one of the worst years for oil and gas exploration as large conventional oilfields get rarer.
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