Russian oil companies have drastically reduced the volume of exploration.

At the beginning of 2009 the volume of exploration in Russia decreased almost twice, and the largest oil companies - a third, writes Kommersant. Oilmen thus save money because of a sharp fall in commodity prices and reducing export earnings.
In January of penetration in the exploration drilling at the Russian companies has fallen by 44 per cent (to 31.4 thousand meters) compared to the same month of 2008. A Rosneft these rates declined by 33 percent, with "Lukoil" - 28 per cent, from TNK-BP - to 37 percent, while Gazprom oil "- in 81 times. The only company that has managed to increase the amount of drilling has become a "Surgutneftegas".
Interestingly, a significant decrease in exploration was observed in the first month of last year. However, the results of the fall was not so large (2.2 percent). The drop in the volume of exploration work has been recorded for the first time in five years.
In 2008, the situation has improved significantly with the geological survey in the second half, but now the trend may continue in the fall of the decline in commodity prices, as well as for active exploration companies will be unprofitable. In the exploration risk of loss of investment is highest, so it can donate in the first place.
In February, Minister of Natural Resources Yuri Trutnev, however, said that Gazprom and Surgutneftegaz maintain exploration at the level of 2008. Exploration of the "Lukoil, Rosneft and Tatneft" will decrease, but only in the amount of license obligations. Significantly reduce the search for new deposits, according to forecasts Minister, TNK-BP, Slavneft, and smaller companies.
The price of oil in 2008 reached a historic high of 147 dollars a barrel, then fell in three and a half times. Because of falling prices the cost of exploration around the world began to fall. Experts fear that when the world economy begins to recover from the global crisis that could lead to a dramatic shortage of oil supplies in the market.