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.
“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.
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.
Gazprom head Aleksey Miller confirms that the cities of Arkhangelsk and Severodvinsk will be connected with the Russian gas pipeline grid by the end of 2008.
