Billions are invested in the Zvezda yard outside Vladivostok to make it capable of meeting Russia’s growing demand for ice-protected ships and platforms.
Extreme climate, difficult ice conditions and lack of technical means to work year round forces the oil-major to ask for prolonged geological exploration period to 15 years.
“Arctic offshore oil production is only profitable at an oil price of 100-120 dollars per barrel” says Former Prime Minister and Foreign Minister Yevgeny Primakov.
Given the impact of sanctions, low prices and the absence of any large projects expected to come on-line, oil production in Russia will drop in 2015 by 70,000 barrels a day, a report from OPEC projects.
The government proposes the adoption of a Norwegian-style license model for the shelf, but encounters fierce protest from state companies Rosneft and Gazprom.
Prime Minister Sipilä confirms that the Fennovoima nuclear plant will be built in Pyhäjoki, after Economic Affairs Minister Rehn declares that the domestic ownership criterion has been met.
In a joint bid with the Vietnamese company PetroVietnam, state-owned Russian oil company Zarubezhneft has won the licenses to 13 oil fields in the Nenets Autonomous Okrug.
The Norwegian Petroleum Directorate (NPD) states that wells drilled in the Barents Sea area will provide more information that may lead to the opening of new exploration areas.
