Russia to Pump $9.3Bln Into Oil Exploration Through 2020

July 11, 2014

Prime Minister Dmitry Medvedev said Thursday that the government plans to spend 320 billion rubles ($9.3 billion) on oil exploration through 2020.

"This is big money, and we are expecting good returns, as the geological exploration will be concentrated on truly promising regions, where the chances of discovering large oil fields are higher," Medvedev said during a Cabinet meeting. 

About 35 billion rubles ($1 billion) in budget funds will be spent on oil exploration this year, about 3 billion ($88 million) more than last year, he said.

Medvedev said new oil fields are mainly being sought out in areas that are already known for their rich mineral resources, but said that "unexpected" resources could be found in other regions that are less well established.

Copyright, The Moscow Times, 2014.