VLADIMIR PUTIN
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OF THE 2008-2012 PRIME MINISTER
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VLADIMIR PUTIN

Working Day

25 december, 2010 13:30

Prime Minister Vladimir Putin meets with Minister of Natural Resources and Environment Yury Trutnev

Prime Minister Vladimir Putin meets with Minister of Natural Resources and Environment Yury Trutnev
Prime Minister Putin and Minister Trutnev discussed the situation in geological prospecting and the progress made on the development of new deposits in 2010. According to the minister, it can be stated definitely that the capacity of new deposits exceeds raw materials production rates of 2010, with record growth in reserve replacement ratio for oil.

Transcript of the beginning of the meeting:

Vladimir Putin: Mr Trutnev, we have discussed prospecting and the development of new deposits many times, including occasions at specialised institutions. You have the latest data on this year’s results. What are they?

Yury Trutnev: Mr Putin, the preliminary results for exploration over the outgoing year have been compiled. It can be stated definitely that the capacity of new deposits exceeds raw materials production rates of 2010. There is record growth in reserve replacement for oil – it is expected to be no less than 750 million tonnes, or 50% more than production. As far as new fields, mainly medium and small fields have been discovered – in the Irkutsk Region and the Yamalo-Nenets Autonomous Area.

In terms of natural gas – there is no less than 810 billion cubic meters, also with healthy reserves. The main groups of minerals are also fine. This is the sixth year   the replacement rates have been higher than production. We are fulfilling the programme for reserves replacement, which was updated in 2008.

Also, as you know, this year we adopted a strategy to develop the geological industry, aimed primarily at attracting investment in exploration. And we will fulfil it.

Vladimir Putin: Good.