Economics of the Ocean: First Time on SPIEF Agenda



Economics of the Ocean: First Time on SPIEF Agenda

Economics of the Ocean: First Time on SPIEF Agenda

St. Petersburg International Economic Forum will host a session titled The Economics of Global Oceans. This topic will make it to the Forum's agenda for the first time in the event's history. Participants will focus on the resource potential of the Global Ocean and its role in the world economy, as well its resource development and technological challenges it faces. One of the priority issues is the role of maritime transport as a key component of international transportation routes that serve the global trade.  

Roman Panov, CEO of Rosgeologia pointed out the perfect timing for the discussion: “Mineral resources of the Global Ocean present an enormous potential for the development for oil and gas industries, as well as others. Currently over 30% of the hydrocarbons are mined on the shelf plate and this share in the overall volume only keeps growing. The prospects for discovering significant deposits on land are diminishing and it’s only logical that the search for new sources is going to switch to the ocean. This requires new knowledge as well as new technological discoveries. Russia holds a leading position in this segment and we must keep it in the future.” 

During the discussions, the experts will focus on the rational use of the Global Ocean’s resources and creating a high-quality infrastructure for it.  

 Anton Kobyakov, Advisor to the President of the Russian Federation, explained that only the trust-based cooperation between countries can help save the resources of the Global Ocean for future generations: “The Global Ocean is the property of the whole humankind. An important task for us is to use its colossal energy, mineral, plant and animal resources. All the countries participating in the use of these richest of resources must make rational approach, careful use and recovery their absolute priority”.   

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