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The Resource Base of the Far East and the Arctic: Current State and Development Prospects
5 September 2019

The Far East and the Russian Arctic are regions of special geostrategic interest to the state, and facilitating social and economic growth has become a priority. These areas have enormous potential in terms of raw hydrocarbons and solid mineral deposits. As mineral mining decreases, the development of the resource base in the Far East and the Arctic can help ensure that Russia’s position as an energy and mineral resources superpower is maintained and strengthened. However, while the mineral resource potential of the Far East and Arctic is significant, the state of geological exploration of these areas is markedly low and inconsistent. A significant increase in geological exploration is required to ensure expanded and expedited reserve replacement of crude minerals and long-term and consistent mining for crude hydrocarbons and solid mineral deposits. The mining and geological industry is experiencing a gradual shift in emphasis to this macroregion. In order to make geological exploration projects more attractive to investors, it is vital to improve the legislative framework, develop infrastructure, and employ new technological solutions that can ensure improved efficiency at all stages of a project. It is also important to increase state funding for geological exploration in subsoil areas offering high potential for strategic types of crude minerals in the Arctic and the Far East. A programme for geological subsoil exploration in the Russian Arctic needs to be drafted which will make provisions for, among others, reserve replacement of crude minerals in the region, the restoration of the Northern Sea Route, and the creation of a high-liquidity fund for subsoil areas, which will lead to rapid social and economic growth in the region. How can the situation be improved? What steps and measures need to be adopted? What stimuli will be most effective in attracting investment to these regions, particularly with regards geological exploration? How interested are businesses in the development of these regions?

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Building B, level 7, Conference hall 4
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