The geological exploration depends directly on oil price and demand
Investments in offshore geological exploration are not expected to recover before 2022, IAA PortNews correspondent cites Sergey Gorkov, Director General, Chairman of the Board, RosGeo, as saying during the online media conference.
According to the speaker, the geological exploration depends directly on oil price and demand. “If oil price is low, no investments in geological exploration are undertaken”, said Sergey Gorkov.
“The key question today is how the global demand for oil will recover. The demand of key oil consumers (in the USA, Europe and China) will show up clearly its recovery in autumn”, he explained.
“Ground geophysical works have been resumed while offshore works have not, apparently because they are more capital intensive and sophisticated. Yet, we will look forward to the year of 2022 hoping for the market recovery”, emphasized Sergey Gorkov adding that it is a worldwide trend.
RosGeo is a Russian multi-disciplinary geological holding that carries out a full range of services related to geological exploration: from regional surveys to parametric drilling and monitoring of subsoil conditions. The holding company boasts a unique expertise, particularly in marine geology and shelf operations. A total of more than 1,000 fields and deposits have been discovered by the holding’s companies, including major hydrocarbon and solid mineral deposits and fields. RosGeo is a fully state-owned company.