YUZHNO-SAKHALINSK, October 1 (RIA Novosti) - Russia needs a total of 9.3 trillion rubles ($310 billion) to fully implement its program for the study and development of its continental shelf, a deputy natural resources minister said on Thursday.
Speaking in Russia's Sakhalin Island at the 13th international conference on oil and gas, Sergei Donskoi said that the program, stipulating annual offshore output of up to 120 million metric tons 9880 million barrels0 of oil and 270 billion cubic meters of natural gas, required the drilling of about 200 wells and the carrying out of complex seismic work.
In addition, Russia needs to build about 70 platforms, 14 floating drill rigs, almost 60 tankers and almost 150 auxiliary vessels to achieve the program's targets.
"I would also like to note that Russia's continental shelf is the world's largest, with over 60% of its territory considered as promising for oil and gas deposit development," Donskoi said.
The deputy minister also said that the exploration of such a vast area required a more flexible tax regime and stimuli for geological survey works.
"Now the state's efforts are focused on addressing these tasks. In particular, we are carrying out work to remove excessive administrative barriers hindering work on the shelf," he said.
