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.
Gazprom Neft has for the first time sent oil from Yamal along the northern Sea Route in winter conditions. 16.000 tons of crude oil was shipped to European consumers by oil tanker, escorted by a nuclear icebreaker.
Russia is prepared to protect its interests in the Arctic with military means if necessary, says Minister of Defense Sergey Shoygu, pointing to the increasing interest in the region’s resources by countries with no direct access to the Arctic.
“Ship-to-ship reloading of oil in icy-waters outside Kirkenes is a great example that Norway jeopardizes nature by lowering safety standards in our race for industrialization of the north,” says Lars Haltbrekken, head of the Norwegian Society for the conservation of Nature.
The UK needs to up its game in the Arctic or risk being «outmaneuvered” by other states, and should start by appointing an ambassador to the region, according to a report by the House of Lords Arctic Committee.
Could the Northern Sea Route be suitable for shipment of fish from the Far East to the European parts of Russia and vice versa? Stake holders in Russia’s fisheries industry and fishery authorities believe so.
“Whatever the pressure, Rakurs will continue to support LGBT community, to provide legal and psychological help. And we are going to challenge this wrongful decision in the court,” says Tatiana Vinnichenko, head of the organization.