Inspenet, June 15, 2023.
Russia discovers oil in the Arctic
It is one of the most important recent finds on the Russian continental shelf in the Arctic made by r Russian energy company Rosneft has announced an unprecedented discovery in the Pechora Sea, in the Arctic. It is estimated that a total of 82 million tons of oil have been found in this region, further cementing Rosneft’s dominance in the oil and gas sector.
This exciting discovery was made possible by a successful drilling campaign in the Medynsko-Varandeysky zone, where an impressive flow of oil was achieved with a maximum flow rate of 220 cubic meters per day. In addition, the oil found is of high quality, being light, low in sulfur and low in viscosity, which makes it an extremely valuable resource.
Rosneft has highlighted the importance of this discovery, emphasizing the enormous oil potential of the Timan-Pechora province on the Arctic shelf. The company owns a majority interest in 28 Arctic offshore licenses, eight of which are in the Pechora Sea, reaffirming its position as a leader in the region.
The announcement of this find comes at a critical time, as Rosneft continues to move forward with its ambitious Vostok Oil project in the Arctic . This project has been described as the only one in the world capable of having a stabilizing effect on the oil market. According to Rosneft projections, Vostok Oil is expected to produce up to 115 million tons of oil a year by 2033, which is equivalent to 20% of Russia’s total oil production in 2021.
Although some Western analysts have expressed doubts about Russia’s ability to increase oil production in the region due to sanctions, Rosneft chief Igor Sechin has strongly defended the company’s technological capabilities and expertise. Sechin has emphasized that Russia has all the necessary competencies and that 98% of the required technology is produced internally.
This impressive discovery has also generated a great deal of international interest. In addition, it occurs in a context in which Russia is taking control of strategic projects, such as the Sakhalin-2 oil and gas project, demonstrating its power on the global energy stage.
Source: Oilprice / Free English translation by World Energy Trade
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