The Russian state might allow oil and gas companies to reduce exploration activities with 50 percent in 2009. That means less drilling also on the Arctic shelf.

The measure will make the companies save up to 80 billion RUB, newspaper Kommersant reports.

Russian industrial companies now for real start to feel the effects of the lower raw material prices and seek cost-cutting measures

The Federal Agency of sub-soil resources (Rosnedra) now proposes to government that the country