Russia: Arctic Offshore Oil Feasible at $130/bbl

Tuesday, September 10, 2019

The head of Russia's Rosnedra subsoil agency said on Tuesday that the development of the Pobeda (Victory) offshore Arctic oilfield in the Kara Sea is feasible only at oil prices of $130 to $140 per barrel, Interfax news agency reported.

Rosneft, the world's top listed oil firm by output, drilled a first exploration well in 2014 in the Kara Sea, which is part of the Arctic Ocean, with a rig provided by U.S. partner Exxon Mobil Corp.

Exxon Mobil has pulled out from the project due to U.S. sanctions imposed over Moscow's annexation of Ukraine's Crimea Peninsula in 2014 and its support for pro-Russian armed separatists in eastern Ukraine. Rosneft has mothballed the project.

Oil prices are currently around $60 per barrel.


(Reporting by Vladimir Soldatkin; Editing by Lisa Shumaker)

Categories: Offshore Offshore Energy Russia Arctic

Related Stories

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

Fugro Expands Geotechnical Testing Capabilities in Indonesia

ABL Lands Work on BP’s Indonesian Gas and CCUS Project

Scarborough FPU's Topsides and Hull Come Together in Major Engineering Feat (Video)

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Marine Masters Secures Wellhead Platforms Installation Job Off India

Current News

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Yinson Production Closes $1B Investment to Drive Further Growth

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com