• 20 mins Is A Russia-Cuba Energy Deal In The Works?
  • 3 days Iraq Begins To Rebuild Largest Refinery
  • 3 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 3 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 4 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 4 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 4 days Goldman Bullish On Oil Markets
  • 4 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 5 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 5 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 5 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 6 days API Reports Huge Crude Draw
  • 6 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 6 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 7 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 7 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 7 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium
  • 7 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 7 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 7 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 10 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

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