Investor from Ireland has shut down the financing of geological exploration in Bashkortostan due to sanctions

​“NefteGasMashService” LLC has informed of the termination of financing of geological exploration works by the investor represented by OVOCA GOLD Plc (Ireland) due to the sanctions on Russia.

R. Gufranov, head of the geology and licensing department in Bashkortostan (Bashnedra) of the Department for subsoil use in the Volga federal district, said that at the present time the negotiations on the overcoming of this situation are held.

He added that on the results of reports of subsoil users of the results of geological exploration for hydrocarbons raw materials in 2014 and plans for 2015, the investment reduction by the companies-subsoil users for geological study, exploration and extraction of hydrocarbons raw materials in Bashkortostan is not planned in 2015.

The head of Bashnedra said that Bashneft OJSC intends to double the investment into geological exploration in Bashkortostan.