Rosgeo says offers Saudi Arabia solid mineral exploration service

MOSCOW, Oct 12 (PRIME) -- Russian geological exploration services provider Rosgeo has offered Saudi Arabia solid mineral exploration services, but has no plans to work in the oil and gas sector because of a high degree of previous exploration and high competition, CEO Sergei Gorkov told reporters on Thursday.

"We are offering Saudi Arabia (works) on solid minerals, because they have little experience here,” Gorkov said.

“We have understanding about at least 10 blocks that are quite interesting in Saudi Arabia from the point of view of polymetals development. We see and understand them, we offer active work on their development and a later investor attraction to the development."

"It is hard to work with them in oil and gas, although, we have tried several times. Firstly, there is not much to explore, they have explored everything. Secondly, there is high competition," Gorkov said.

The executive also said that judging by the tenders the rate of oil and gas geological exploration on the Russian shelf is to decline in 2024, while the on-land tender number is growing. He said that oil and gas companies might opt for land works because of oil prices and sanctions.

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