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  Monday, September 21, 2020
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Russia's government must shift the focus in the oil and gas sector away from production and toward expanding the country's mineral resource base
Russia's government must shift the focus in the oil and gas sector away from production and toward expanding the country's mineral resource base, a mining expert said Monday. "As much as 98% of registered oil and gas deposits are now being developed," Vladimir Litvinenko, rector of St. Petersburg State Mining Institute, said Litvinenko said a federal program should be launched for geological prospecting of deposits, with involvement from the state and the private sector. "The state, which levies the so-called 'flat' mineral resource tax, must allocate funds for the recovery of resources, create means for the funds to be used in new areas, and determine the terms for access to new sites," he said. Litvinenko called for the reasonable and efficient use of resources, with consideration of the interests of subsequent generations.
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