Presidential Commission on Fuel and Energy to look into stepping up geological exploration

The Presidential Commission on Fuel and Energy, at one of its upcoming meetings, will look into stepping up geological exploration, Russian President Vladimir Putin, who chairs the commission, said at the opening of the commission's first meeting.

He said that Russia will expand the geography of oil and gas production in the coming years. "We have repeatedly said that the replenishment rate for the raw materials base is insufficient. Offshore fields should be developed more intensively while output from current assets should increase," Putin said.

Putin added that it is necessary to organize efficient geological exploration. "This will help strengthen the country's resource base, and bring in additional investment, technologies and the latest scientific developments for the sector. This issue should be reviewed at one of the commission's upcoming meetings," he said.

"Our task is to ensure the concise and uninterrupted functioning of all operations in the fuel and energy complex and create a system to coordinate its development," he added.

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