Investment Portal of the Arctic Zone of the Russian Federation

A record RUB 50 bn invested in exploration in Yakutia

Record-breaking funds are used for prospecting, discovering and exploring new deposits of oil and gas, precious metals and diamonds.

13 March 2023

Yakutia invested RUB 50 bn in geological exploration last year—funding has doubled. The main share of funding for geological exploration comes from subsoil users, EastRussia reports citing Yakutia's Minister of Industry and Geology Maksim Tereschenko.

He said the discovered reserves and resources would work for Russia's economic sectors, ensuring the country's independence. Three new oil and gas fields have recently been discovered in Yakutia, with total gas reserves of 70 bn cubic metres. New underground water sources have also been discovered in the region—in the Vilyuisky, Aldansky and Ust-Aldansky districts.

In terms of oil, gas, coal, diamonds, gold, silver and antimony, the republic is among the leaders in the Far East. This year, the main exploration for oil, gas and solid minerals is planned for the Arctic regions of the republic.


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