Crisis toil on shelf study
Budget cutbacks may have a negative impact on Russia’s study of the continental shelf in the Arctic.
The financial crisis may have a negative impact on Russia’s ambitions in the Arctic, says Anatoly Ledovskikh, Head of the Federal Agency of sub-soil resources (Rosnedra).
Because of significant budget cutbacks in 2009, geological studies of the Russian continental shelf in the Arctic Ocean might come to a halt, a press release from the agency reads.
The Ministry for Natural Resources earlier said that it would cooperate with Rosnedra on continued studies of the continental shelf.
The aim is to find proof that the Mendeleyev and Lomonosov Ridges are a continuation of the continent and therefore a part of Russia. The area is assumed to hold large amounts of oil and gas. The petroleum development of the Lomonosov Ridge alone could bring Russia up to five billion metric tons of oil equivalent, experts say.
