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.
Microsoft bought Nokia’s mobile division this past spring, and thousands of employees in Finland have been laid off. Oulu, a northern tech hub, was particularly hard hit, but new opportunities in new industries are springing up in the resilient northern community.
Poland has noticeably increased its activity in Arctic affairs in recent years. Next year the Arctic Council observer state will launch a program aimed at attracting more Polish companies to the north.
With some of the most beautiful of Norwegian, Russian and Latvian orchestra music on the repertoire, Arkhangelsk State Chamber Orchestra and the Norwegian saxophonist Ola Asdahl Rokkones are ready for a tour through Norway and Russia.
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.
It takes a village…to move a city? An entire Arctic town is being forced to relocate after the world’s largest iron ore mine got the green light to gobble up the land under the city. The lead architect for the operation talks about how the people of Kiruna have had to come together to create a new home.