Russia can double oil reserves by tapping Arctic potential – Lukoil
(Dow Jones Newswires, September 7) – Russia can double its oil reserves if the government is determined to exploit the potential in the Arctic, a senior Lukoil Holdings executive said Wednesday.
"The development of Arctic fields needs political will and support from the government," Sergey Chaplygin, chief executive of Lukoil International Trading and Supply Co. said, but didn't elaborate. Lukoil is the country's biggest private oil producer.
Russia, the world's top oil and gas producer, has proven oil reserves of around 60 billion barrels, Energy Information Administration data showed.
Lukoil plans to explore oil production in the Russian Arctic with state oil company Rosneft under a new long-term cooperation agreement that takes effect this month.
Rosneft will also explore in the Arctic area with U.S. energy giant ExxonMobil, in a separate deal.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!