MOSCOW (Pakistan Point News / Sputnik - 10th July, 2020) Russia's oil company Gazprom Neft will reduce its geological exploration plans this year by 20 percent compared to plans, Director for Geological Prospecting and Resource Base Development Yuri Masalkin told Sputnik.
"The geological prospecting program or 2020 was even more ambitious than 2019. The crisis hit us in early March when oil prices dropped suddenly. We cannot help but react to the serious changes of the external market, so the geological prospecting program will be reduced this year, but not by much. The reduction will be about 20 percent compared to the original plans," Masalkin said.
