The volume of exploration in the oil industry and in solid minerals remains stable in Russia despite sanctions pressure and investment in the exploration for solid minerals may grow 25% this year, RIA state news agency reported on Monday.

In December, Russia’s ministry of natural resources said it expected the volume of exploration to decrease in 2023, RIA reported.

“So far, not a single company has reduced the volume of exploration, both for the oil part and for solid minerals,” Yevgeny Petrov, the head of the Federal Subsurface Resources Agency, or Rosnedra, told RIA in an interview.

“They remain at the level of last year.”

Investment in exploration for solid minerals in Russia may grow 25% this year, he added.

Petrov also said that Rosnedra plans auctions “in the near future” for deposits of series of scarce metals, such as manganese and chromium ores, tungsten, titanium and uranium.
Source: Reuters (Reporting by Lidia Kelly in Melbourne; Editing by Himani Sarkar)