Northern Russia will be a key priority for the privately own company in the period 2014-2016. A total of $2 billion is to be invested in field development in the Timan-Pechora province in the period, company representatives told an audience of investors this week. Production is to increase by 30 percent, Vestifinance.ru reports.
Lukoil is a key company in the area, which includes the oil resources of the Komi Republic and the Nenets Autonomous Okrug. In 2008, the company opened its unique Varandey terminal on the Nenets coast, and this object is a strategically vital part of the company’s expansion plans in the area. The terminal is connected with pipelines linking up the major Yuzhno-Khilchuyu field. Several more fields are expected to get connected with this pipeline grid, thus enabling the company to boost out-shipments from Varandey.
As previously reported, the oil shipments from Varandey have over the past years dropped significantly following lower production at the Yuzhno-Khilchuyu.
According to company representatives, production in the Timan-Pechora Province will over the next two years increase from 280,000 to 350,000 barrels per day.
The total investment program of the company in the two-year period amounts to $51 billion, of which $18 billion is to be spent in foreign projects. Some of that money is likely to be spent in northern Norwegian waters, were the company is among the licenseholders in the 22nd Norwegian License Round.
KIRKENES: Warmer temperatures at the bottom of the Barents Sea are of big concern to ecologists in the High North. Certain marine species are disappearing from the ecosystem while others are increasing in number. The impact on Russia’s fisheries sector is crucial.
Industrialists in Finland eye the opening of a major trade and transport route with a projected railway connection to the Norwegian Arctic coast. Former PM Paavo Lipponen has been hired to get the Norwegians onboard.
Photographer Cristian Barnett traveled around the Arctic Circle, capturing life at 66° 33′ 44″ N. The result is his new book and traveling exhibition, Life on the Line. BarentsObserver spoke with Barnett about his impressions of life on the Circle and the decisions he made to capture it.
Thousands of people in Norway have lived with a secret for almost 70 years. German war children in the High North are an important voice in remembering the liberation of Finnmark and a poignant lesson in history about misdirected anger and the damage it can cause.
The autumn of 1944 large parts of Finnmark and northern Troms were burnt and destroyed by Nazi German forces retreating from onrushing Soviet troops. The civilian population was forced to evacuate or hide.