Rosgeologiya, the Russian seismic studies holding, plans to complete a restructuring of its business by the end of 2014, Rosgeologiya General Director Roman Panov told journalists during a break in a meeting with the heads of the company’s subsidiaries.

 

Panov said the restructuring would take place in three stages. First, the corporate management strategy would be changed to strengthen a number of the holding’s enterprises (specifically, to reorganize them into offshore exploration groups).

 

He said that an East Siberia department of Rosgeologiya could be set up using the Irkutskgeofizika company. In the later stages, the company will establish and scientific component that will work to train employees. Enterprises within the holding will also be outfitted with new equipment and computer programming.

 

Panov said he was optimistic about the company’s future developments, noting that Rosgeologiya had no direct competitors on the Russian geological surveys market, except for some specific areas of activity like oil field services.

 

Panov said that the company’s executives were counting on a successful restructuring leading to a competitive portfolio of orders on the Russian market and beyond, including from foreign oil service and exploration companies.

 

JSC Rusgeology is a wholly-owned state holding company that was established in 2011 to facilitate the identification of Russia’s resource potential, which includes a large number of hydrocarbon and mineral sources in diverse regions throughout the country. Company’s mission is to provide comprehensive geological research of Russia’s territory as well as reproduction of the country's mineral resource base.