• 1 min UAE Oil Giant Seeks Partnership For Possible IPO
  • 45 mins Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 hours VW Fails To Secure Critical Commodity For EVs
  • 3 hours Enbridge Pipeline Expansion Finally Approved
  • 4 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 hours OPEC Oil Deal Compliance Falls To 86%
  • 20 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 22 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says

Rosneft Starts Drilling In East Arctic

Offshore

Russian oil giant Rosneft on Monday launched drilling of Russia’s northernmost offshore well in the East Arctic shelf, with a video conference at which Russian President Vladimir Putin announced the start of drilling.

“For the first time in history, drilling will be carried out on the Eastern Arctic continental shelf. The resource potential for the Laptev Sea alone, according to experts, reaches 9.5 billion tons of oil equivalent,” Rosneft chief executive Igor Sechin said, as quoted by TASS news agency.

Rosneft started drilling the Tsentralno Olginskaya-1 well at the Khatanga license area. In the East Arctic, Rosneft holds licenses for 9 projects, in the Chukchee Sea, East Siberian Sea, and Laptev Sea.

After the Khatanga area drilling, Rosneft will also drill in the Black Sea this year, and in the Barents Sea next year, and will return to drilling in the Kara Sea in 2019, Sechin said during the video conference with Putin.

Speaking to reporters, Sechin said that Rosneft could resume drilling in the Kara Sea in 2019 in partnership with Exxon, TASS reports.

“[Speaking about drilling in the Kara Sea], I was referring to our joint venture in partnership with Exxon. This joint venture operates, all the works are being carried out in compliance with the schedule. In accordance with that plan we are to start the next qualitative stage of work on this province in 2019,” Sechin said, as quoted by TASS.

Related: Oil’s Central Bank To The Rescue!

Following the U.S. and EU sanctions against Russia over the annexation of Crimea, Exxon shelved its plans to take part in the exploration and exploitation of Russia’s Arctic shelf. Exxon was estimated to have lost more than $1 billion from the sanctions.

The sanctions, however, have not discouraged Russia from pursuing its Arctic projects and resource exploration.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News