The Russian National Wealth Fund (NWF) should take part in funding geology in Russia, said Sergei Gorkov, Head of Rosgeologiya, speaking at the Petroleum Geology Issues national forum.  

"As for funding, it is clear that we need to attract extra-budgetary funding because, as I said, allocations from the federal budget will not be enough," Gorkov said.

"Not a single venture fund [in this sector] has been set up as yet. We have established a fund jointly with the Russian Direct Investment Fund but it is in the early stages — it's operating, but there are certain legal restrictions. It is very important that the NWF channel part of its funds into the development of geology. This is not just important for geology."

Gorkov talked about the importance of giving priority status to regional geological work in Eastern Siberia and the Arctic and attracting funds for this, including from the NWF. "These profits were derived from, among other sectors, the oil industry and we must agree that part of the profits generated by the oil industry, or excess profits, should be ring-fenced for laying the foundation to build on in the future," Gorkov said. "Otherwise, it's not clear how it will be further replenished."  

Gorkov also said the creation of a new multi-customer format for the exploration and development of oil and gas fields would help attract more investment in this sector. "These funds are largely used on the (continental) shelf, but who says they can't be used on land?" Gorkov said.