While oil prices drop, we should continue geological exploration in the Arctic

According to the Minister of Natural Resources and Environment of Russia Sergei Donskoy, temporary suspension of geological exploration work on the Arctic Shelf due to the decline in oil prices will have a negative impact on the entire industry, Arctic Info.com reports.

In his words, as reported by RIA Novosti, freezing plans to develop natural resources in the Russian Arctic will have the most devastating impact on the whole geological industry. It is pointless to shy away from works in the Arctic today, referring to a difficult macroeconomic environment and low oil prices.

The Minister recalled that such a moratorium, introduced in Russia on natural grounds in the 1990s, actually buried many technological developments, which ensured the country’s position as a world leader.

“Today we are forced to catch up and are to some extent dependent on foreign technologies. That is why the EU and United States aim their sanctions at projects in the region, as they are of strategic importance,” said Sergei Donskoy.

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