Recent news from Iraq made the oil price top US $107 per barrel.
It is important not only to possess rich mineral resources but also to be able to extract them from the bowels of the earth.
Russia is one among countries which oil reserves can bring a great portion of revenue to the country for years. But the question is how much the government is ready to spend on resource exploration.
Though, the Russian government spent more state funds on exploration in 2007 it is still a mere 0.5 percent of federal budget. As a consequence "Output fell 0.7 percent in January and 0.9 percent in February, to 9.79 million barrels per day, compared with the same months last year".
Russia decided to double state spending on resource exploration to 2020 to $23 billion. The focus will be on oil in eastern Siberia.
Friendly relationship between Korea and Russia can help Korean oil exploration companies promote their business in Russia and replenish its oil reserves. Korea have already participated in several projects for oil exploration in Russia.
The article is available by clicking on the following link http://www.moscowtimes.ru/stories/2008/03/28/045.html
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