Kara, Barents, Pechora Explorations Could Begin By 2021, Says Russia’s Molodtsov

Despite voicing its interest to work with Dutch shipbuilding Damen Shipyards on vessels for the Arctic region, Rosneft’s Far North mission is set to be slowed down by Western sanctions in relation to the ongoing arm wrestling over Ukraine.

‘Drilling in the Barents and Pechora seas could begin in 2017-2021,... while in the Kara Sea could begin in 2020-2021’ reads a note released by Russia’s Ministry of Energy, explaining that exploratory drilling in the Laptev Sea should start in 2022, while production in 2029-2031.  

In the East Siberian Sea exploration drilling could begin in 2021 and production in 2033-2035. In the Chukchi Sea, drilling should be carried out from 2020, while production should start between 2033 and 2035, Deputy Minister of Energy Kirill Molodtsov said during a conference taking place in St. Petersburg. 

"The initial recoverable proven reserves of Russia’s Arctic shelf make up 447 million tons of oil and 10.142 trillion cubic meters of gas. In general, initial recoverable proven reserves in Russia’s Arctic region are 7.652 billion tons of oil and 66.932 trillion cubic meters of gas” Molodtsov said in its presentation. 

Meanwhile, Russian President Vladimir Putin took part to a meeting with the President of the Kyrgyz Republic Almazbek Atambayev.

‘The sides discussed prospects of bilateral relations’ Russia’s Ministry of Energy wrote on Tuesday.  

The Eurasian Economic Union was started in 2015 based on the Customs Union of Russia, Kazakhstan and Belarus. Armenia, and Kirghizistan joined the union some months later.