Russia will be financing the development of the Artic continental shelf and the economy of the local areas with more than $2.75 billion by 2025, Russia’s Prime Minister Dmitry Medvedev said at a cabinet meeting on August 31, 2017.
Russia’s program for Arctic development rests on 3 pillars - boosting economic growth, developing sea infrastructure and developing the continental shelf with modern technology and equipment, Dmitry Medvedev said.
Neither sanctions nor low oil prices are deterring Russia’s ambitions to develop oil and gas reserves in its part of the Artic.
The U.S. Treasury sanctions list from 2014 prohibits the exports of goods, services (not including financial services), or technology in support of exploration or production for Russian deepwater, Arctic offshore, or shale projects that have the potential to produce oil.
By 2050, the Arctic could supply between 20 and 30 % of Russia’s total crude oil output, according to experts that Rosneft cited in June.
At the moment, however, there is only 1 producing platform in the country’s Arctic shelf, in the Pechora Sea.
Operated by Gazprom Neft, the Prirazlomnaya platform started pumping oil back in late 2013.
The field is estimated to hold 70 million tons, or 513 million barrels, with annual production averaging 5.5 million tons (40.3 million barrels) at full capacity.
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