The government has provided Lukoil with the Nadezhda subsurface area in the Baltic

The Russian government has granted Lukoil-Kaliningradmorneft LLC the right to use the Nadezhda subsurface area of federal significance in the Baltic Sea. The relevant decree was published on October 23 on the official Internet portal of legal information.

"To grant the limited liability company Lukoil-Kaliningradmorneft the right to use a federal subsoil plot provided for in paragraph 1 of Section XI of the list of federal subsoil plots," the document says.

The document provides for the transfer of the site to the company without an auction. The right of use is granted for conducting a geological study of the internal sea waters and the territorial sea of Russia. The work will also focus on the search and assessment of possible hydrocarbon deposits.

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The Nikkei newspaper reported on September 22 that the number of newly discovered oil and gas fields in the world by the end of 2025 has decreased to the lowest level in the last 45 years. The main reason for the decline was a significant reduction in investment in exploration. An additional factor was the depletion of promising land plots. The search for resources is shifting to the continental shelf and deep-sea areas of the seabed, which requires significantly higher capital expenditures.