Rosgeo increased revenue from exploration of metals and coal by 7% in 2022
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The growth in revenue from the exploration of solid minerals (SRM) from the state holding Rosgeologia in 2022, according to preliminary data, amounted to 7%. This was told to journalists by the company’s CEO Sergei Gorkov at a briefing on December 26. He did not name absolute figures. First of all, revenue from geological exploration (GE) for projects in polymetallic ores grew – these are copper, zinc, gold, silver and others, he explained.
This year, the state holding has invested 2 billion rubles in equipment for the exploration of solid minerals. – “historically record volume,” said Gorkov. The total investment program of the company at the end of the year amounted to 6.5 billion rubles.
For exploration in the oil and gas sector, Gorkov did not give specific figures, but said that there would be a plus in terms of exploration volume in 2022. According to him, small oil companies reduced the volume of exploration or postponed projects, but this was offset by an increase in the volume of exploration by state-owned companies. Rosgeologiya, for example, carried out geological exploration for Gazprom this year already from the 2023 plan, he notes.
In general, in 2022, Rosgeo expects a decrease in revenue by 4%, to 26 billion rubles. due to the postponement of a number of exploration projects in the oil and gas sector to the next year.
Revenue growth in the mineral exploration sector in 2023 will slow down: an increase of 1-2% may be observed, as many of Rosgeo’s projects enter the mature stage, Gorkov explained.
Among the new projects are the exploration of areas near the Elginskoye coal deposit and the additional exploration of coal deposits that are part of Roman Trotsenko’s AEON holding. According to Gorkov, the cost of exploration for each of the projects is 1 billion rubles.
Elgaugol (part of Albert Avdolyan and Alexander Isaev’s ELSI) in early July acquired 67% of Undytkan, which owns two exploration licenses near the Elginskoye field with total predicted resources of about 2.5 billion tons. Previously, this company had 50% owned by RG Project (the ultimate owner is Rosgeologiya), another 50% belonged to RG Partner (49% also belongs to Rosgeologia, another 51% to Dmitry Chepurny). After the transaction, 33% of Undytkan remained with RG Partner.
In December, Rosgeologiya began a set of exploration works at the Syradasayskoye and Nizhnelemberovskoye coal deposits in Taimyr (part of AEON). The purpose of exploration is to clarify the reserves of deposits.
Both in the case of the Elgaugol and AEON fields, we are talking about coking coal. According to the International Energy Agency (IEA), coking coal consumption in Russia will fall by an average of 1.9% per year until 2025, while exports will grow by an average of 3.3% per year.
In the oil and gas sector in 2023, new exploration volumes will depend on oil prices and supply routes, Gorkov noted. In addition, according to him, exploration on the shelf will continue to decline, which is part of the global trend.
Rosgeo is planning a flexible investment program for the next year, says the head of the state holding. Basicly, 3-4 billion rubles were allocated for it. “Much will depend on the specific volumes of ordered work — there will be projects, we will invest, if we don’t, we won’t,” explains Gorkov.
The decrease in investments from the levels of 2022 is due to the fact that next year the budget allocations for the purchase of equipment for Rosgeo will be halved – from 4 billion rubles. up to 2 billion rubles, the company reported earlier.
Drawdowns in exploration in the oil and gas sector, at least in 2023, are unlikely to be avoided, says Sergey Grishunin, managing director of the NRA rating service. However, the current situation in the future should lead to a greater shortage of oil in the market and a likely recovery in oil prices, which will lead to a decrease in discounts on Russian raw materials, the expert believes.
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