The amount of money geared toward the exploration side of the Russian energy sector is expected to decline, a resource minister said Thursday. Low oil prices and pressure from Western economic sanctions imposed in response to the Kremlin’s stance on crises in Ukraine are diminishing government finances. Russian Natural Resources Minister Sergei Donskoy said government support for exploration may be 15 percent less than last year. “The exploration funding from the state budget is exactly in question, rather than exploration expenditures of private companies,” he said. Analysis produced in 2011 by Ernst & Young finds the existing network of fields in Russia is such that there isn’t a “pressing need” for extensive exploration programs . Russia is among the world leaders in oil […]