Lack of long-term investment slows hydrocarbons production

Publish date: March 31, 2006

A lack of investment in new deposits and poor reproduction of hydrocarbons is slowing down the development of the mineral sectors.

"Companies only find money to invest in production but not for the long-term prospective," said the chairman of the Federation Council’s committee for natural resources Viktor Orlov. According to Orlov, oil and gas production will exceed reproduction in the nearest 14 years. In other words, geological prospecting only replenished 60-65% of extracted reserves, RIA Novosti reported.