Rosneft: The Eastern Arctic is full of petroleum

Rosneft: The Eastern Arctic is full of petroleum

Elisa Maria Giannetto
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The Russian oil giant, after further exploration, has discovered new oil fields in the waters off the Hara-Tumus peninsula. By 2050, this area should provide up to 30% of Russian production

It could be the most important discovery of hydrocarbons in the eastern Arctic. After exploratory drilling along the costs of the Hara Tumus peninsular, in the bay of Laptev, Rosneft experts have discovered new oil fields. "This is a well that - as laid down in the official statement - has a lot of potential resources that only increase as we continue the drilling operations." For the Russian company, the discovery is a step forward in the search for hydrocarbons in a region that is anything but easy to explore. Another reason for the renewed congratulations from the Russian Minister for Natural Resources and the Environment, Sergej Donskoi, "We can already talk about a significant influx of oil and therefore a unique discovery and probably the largest in the area," Donskoi said on his official Facebook page, commenting on Rosneft's announcement of having successfully drilled a well in the Khatanga block." The undertaking, carried out despite Western sanctions, is part of a broader plan that envisages an investment of 480 billion rubles (8.4 billion dollars) in the development of Russia's offshore energy industry over the next five years, with the goal of increasing production in new areas. Most of the current Russian oil production comes from western Siberia, where the fields are running out. Hence the drive to look for new areas to explore. "The presence of hydrocarbons and the geological confirmation of the model developed by Rosneft experts allows the Russian oil company to be considered as a pioneer for the offshore fields of Arctic," the statement continues. In recent years the Russian oil giant attempted to join forces with several global operators to develop the offshore regions of Russia. We cite the agreement to work in the Kara Sea in the Western Arctic with the US company Exxon Mobil, subsequently suspended in 2014 after the imposition of Western sanctions against Moscow. The progressive melting of ice due to climate change is causing a growing interest among the superpowers for the North Pole, which will be crossed by the future motorways of the sea. The most affected nations are the United States and Russia, which, among other things, have their only geographic contact point in the Arctic, the Bering Strait. Overall by 2050 the Arctic offshore area should account for between 20 and 30 per cent of Russian oil production, one of the largest in the world.