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MOSCOW, June 17 (UPI) -- Oil and gas production in Russia is predicted to fall beginning in 2011.
LUKoil head Vagit Alekperov, speaking to a meeting of the Russian Union of Industrialists and Entrepreneurs, said, "The production will reach its peak in 2010-2011, and then it will face a gradual slowdown caused by a total absence of incentives in that sphere," RIA Novosti news agency reported Thursday.
Alekperov told his audience that that geological exploration investment, essential to sustaining production, this year had declined 65 percent, a result of new discoveries being signed away to the state instead of license holder who had discovered it, discouraging non-state geological exploration on new fields by independent companies.
Further complicating the investment picture, according to Alekperov, exploration and development expenses on new deposits were only reimbursed if exploration was successful, further dampening exploratory work.
According to Alekperov, Moscow should reform legislation to include promoting geological exploration, allowing the government to develop a necessary raw materials basis for stable and consistent oil and natural gas production.
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