Russia to launch national oil and gas exploration company

It is expected that a national offshore natural gas exploration company will be created to improve oil and gas exploration in Russia, Vyacheslav Urmancheyev, a spokesperson for Zarubezhneft, told an international conference in St. Petersburg today, adding that a corresponding proposal had already been sent to the Russian government. Reportedly, the new company will consolidate the government's geological exploration efforts, raise investment, as well as providing possibilities for lowering primary geological exploration risks and boosting the fair market value of the oil and gas fields.