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Gazprom invests $650m in offshore geological exploration

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Gazprom invests $650m in offshore geological exploration

A Russian gas giant Gazprom plans to spend 37.8 billion rubles ($650 million) this year on the offshore geological exploration, while Rosneft oil company will allocate 43 billion rubles ($754,5 million), the Minister of Natural Resources and Ecology of Russia, Sergey Donskoy, said in an interview with TASS.

“In 2016, the volume of Gazprom’s investments in the works in the shelf area amounted to 30.8 billion rubles, almost 8 billion rubles less than in 2015. In 2017, the company plans to spend 37.8 billion rubles on conducting offshore exploration activities. Volume of Rosneft’s investment amounted to 11 billion rubles, the planned spending for 2017 total 43 billion rubles, almost four times more than in 2016,” — the Minister said.

He added that this year the Ministry expects an increase in investment in geological exploration.

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