Russia will expand the development of oil and gas on the Arctic shelf not earlier than 2035

27.06.2019

Russia will expand the development of oil and gas on the Arctic shelf not earlier than 2035

Russian companies will be able to start developing new oil and gas fields and mining them on the Arctic shelf not earlier than 2035. It was reported by the President of the Union of Oilmen of Russia Gennady Schmal.

«Today we are not ready: there is no technology, equipment, normative documentation.  And equipment is the most important, it should be very reliable», — expert said during the VI Forum of the future leaders of the World Petroleum Council.

According to him, Russia doesn’t invest enough on research. It is necessary to search and explore on the shelf.

The first and the only field on the Russian Arctic shelf, where hydrocarbon production is carried out, is Prirazlomnoye of Gazprom Neft. Industrial development of the field began in December 2013. The recoverable oil reserves of the field are more than 70 million tons.


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