RF expects a global decrease in offshore geological explorations

The head of Rosgeologia Sergei Gorkov declared that in 2023, a decrease in offshore geological explorations is expected both in Russia and other countries.

During a briefing, he said that in 2023, the company plans to increase the extraction of solid commercial minerals. As for offshore oil drilling, the amount of work will likely be reduced.

Gorkov supposes that the trend for the decrease in geological exploration in this field is both Russian and global and has been existing for 3-4 years. He thinks that the exploration of the shelf requires a lot of funds. If companies have to change the level of production, then in the case of project evaluation, it will turn out that it is low, and it’s not a priority project. Recently, the required volumes have been produced only in India, but now the country isn't increasing the level of production.