The Russian Natural Resources Ministry said Friday it would introduce a new system to monitor license agreements

Tuesday, January 26, 2021

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Sergei Sai, the head of the Federal Service for the Oversight of Natural Resources, said the new monitoring system would be provided "with software and hardware and the necessary databases in the next two years." The service plans to expand the list of controlled parameters that oil and gas companies should submit to the Natural Resources Ministry, Sai said. He also proposed toughening the penalty for failure to present this information or for deliberately submitting false information. According to Sai, the new system will boost the development of new deposits and "ensure unbiased evaluation in implementing license agreements." Minister Yury Trutnev ordered the federal service to discuss the new monitoring system with oil and gas companies and urged it "to prevent the irrational and destructive use of mineral resources that Russia faced in the 1990s."

Bookmark The Russian Natural Resources Ministry said Friday it would introduce a new system to monitor license agreements