Natural Resources Minister Yuri Trutnev, Economic Development and Trade Minister German Gref, Industry and Energy Minister Viktor Khristenko, head of the Federal Atomic Energy Agency Alexander Rumyantsev, the heads of specialized State Duma and Federation Council committees and well-known scientists will attend the meeting.
The Ministry of Natural Resources is drafting long-term state programs for exploration and reserve replacement for 2005-2010 and until 2020. Supposedly, the program will be implemented for over 15 years and will cost 1.784 trillion rubles ($1 = 28.77 rubles).
Under the program, funds will be spent on exploration, prospect evaluation surveys and research. Mr. Trutnev said that tax revenues from the production tax would increase 330 million-400 million rubles a year during the program. Exploration efficiency will be 70-100 rubles per ruble spent.
The purpose of the state program is to ensure a balance between the extracted and new reserves.
According to experts, given the current rate of production and exploration, it is possible that Russia's profitable oil reserves will be exhausted by 2015, and the gas condensate deposit reserves will be exhausted by 2025.
