Russia says it will start geological oil and gas exploration in one year
Russia says it will start geological oil and gas exploration of the promising Barents Sea shelf near Norway in 2012.
After reaching a key agreement with Norway over arctic maritime borders last year, Russia will embark on developing large fields in the border zones, Natural Resources Minister Yury Trutnev told RIA Novosti Thursday.
“Forty-year-long talks have finished. We can now start working jointly. Norway has already begun seismic surveys in its part of the shelf. Russia plans to begin work in 2012,” Trutnev said.
Analysts say the West Arctic oil and gas shelf province, which the Russian-Norwegian border agreement runs through, may compensate for falling oil production in the North Sea and the Gulf of Mexico.
Forecasts suggest the region of the Barents Sea contains reserves of some 10 billion to 12 billion tons of fuel equivalent.
The ecological safety of any drilling in the region and the subsequent transportation of oil and gas would be a top priority for Russia, Emergencies Minister Sergei Shoigu said.
Source: UPI
