Russias new found Artic Oil reservers in the Kara Sea have more offshore Oil than the Gulf of Mexico

[senheiser]

Russia can drill in Arctic, even without Exxon – energy official
Published time: September 29, 2014 13:51
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Igor Sechin, president, chairman of the management board and deputy chairman of the board of directors at OJSC Rosneft.(RIA Novosti / Vladimir Astapkovich)

Drilling in the Kara Sea will continue into next year, even if sanctions prevent US firm ExxonMobil from participating, Russia’s Deputy Energy Minister Kirill Molotsov said Monday.

According to Molotsov, Russia can independently go ahead with the necessary drilling in the Kara Sea in 2015 with the help of drilling platforms owned by Russian companies. Russia’s largest oil company, Rosneft has opened a large deposit of oil and gas in the area.

"In total, we have about eight units of 100 percent Russian-owned platforms,” the deputy energy minister said.

In the event Exxon leaves, work in the Arctic will continue, Rosneft CEO Igor Sechin has confirmed.

“Of course we’ll do it on our own and attract the necessary technologies and different partners who don’t have limitations on cooperation,” the Rosneft CEO said in an interview with Bloomberg News.

On September 12, the US banned Western companies such as BP, Shell, Exxon, and Total from working on Arctic, deep-sea, and shale oil projects in Russia in an attempt to punish Moscow for its perceived meddling in the Ukraine conflict.

At the same conference, Molotsov also said that the Russian government is prepared to financially support energy companies such as Rosneft that are feeling the squeeze of sanctions. Other energy companies sanctioned are Gazprom (but only by the US), Gazprom Neft, Lukoil, Transneft and Surgutneftegaz.

Rosneft and Exxon launched a new drilling well, Universitetskaya-1, in the Kara Sea on Saturday. However, Exxon will have to wind down operations before the October 10 deadline set by the US government. Exploration and development will have to be continued by Rosneft without Exxon, or be put on hold until sanctions are lifted.

RIA Novosti / Sergey Eshenko



Billion-barrel field
On Saturday, Rosneft’s CEO Igor Sechin, along with Russian President Vladimir Putin, were present at the unveiling of the northernmost oil well in the world, which is estimated to have cost over $700 million. Oil output from the field may begin in the next five to seven years, Sechin said.

Though no exact estimates are available to date, experts believe it could hold up to 1 billion barrels of oil or crude equivalent, bigger than offshore reserves in the Gulf of Mexico, Alaska or Canada. There are also more than 300 billion cubic meters of recoverable gas reserves.

Recoverable oil is just important to Rosneft as to ExxonMobil, both of which are facing production shortages, and need to find new sources to replace old and depleted ones. Russia and the US are neck-and-neck in claiming to be the world’s biggest oil and gas producer, a title Russia currently claims but America is close to taking over.

The Kara Sea field will be named “Pobeda” or “Victory.”

“We will continue drilling here no matter what,” Sechin told Bloomberg News.

Both Rosneft and Sechin are targets of the US and EU sanctions against Russia.

 

[Schutz]

More money for your billionaires to reap in.

 

[Superboy]

woohoo more CO2

ESRL Global Monitoring Division - Global Greenhouse Gas Reference Network

 

[senheiser]

More money for your billionaires to reap in.

hahaha you troll should be banned, your cheap/brainwashed comments are annoying

 

[Schutz]

hahaha you troll should be banned, your cheap/brainwashed comments are annoying

Atleast im not paid to post on here, go back to your fascist overlord.

 

[senheiser]

Atleast im not paid to post on here, go back to your fascist overlord.

haha sure, i post here for free and fun because people like you get mad

 

[nvKyleBrown]

Here is the original Bloomberg article from the interview that the RT article references. Much less rosy:
Russia Says Arctic Well Drilled With Exxon Strikes Oil - Bloomberg

More drilling and geological analysis will be needed before a reliable estimate can be tallied for the size of the oil resources in the Universitetskaya area and the Russian Arctic as a whole, said Frances Hudson, a global thematic strategist who helps manage $305 billion at Standard Life Investments Ltd. in Edinburgh.

Sanctions forbidding U.S. and European cooperation with Russian entities mean that country’s nascent Arctic exploration will be stillborn because Rosneft and its state-controlled sister companies don’t know how to drill in cold offshore conditions alone, she said.

“Extrapolating from a small data sample is perhaps not going to give you the best information,” Hudson said in a telephone interview. “And because of sanctions, it looks like there’s going to be less exploration rather than more.”

There is a video article, which includes parts of the interview itself: Russia Oil Chief Says Sanctions No Bar to Arctic : Video - Bloomberg

The head of Rosneft says they will continue drilling, but no details of how are offered. Very short on specifics, long on guesses. The gist of the article was that it would put pressure on the US to lift the sanctions, at least for Exxon in this case.

 

[senheiser]

Here is the original Bloomberg article from the interview that the RT article references. Much less rosy:
Russia Says Arctic Well Drilled With Exxon Strikes Oil - Bloomberg

More drilling and geological analysis will be needed before a reliable estimate can be tallied for the size of the oil resources in the Universitetskaya area and the Russian Arctic as a whole, said Frances Hudson, a global thematic strategist who helps manage $305 billion at Standard Life Investments Ltd. in Edinburgh.

Sanctions forbidding U.S. and European cooperation with Russian entities mean that country’s nascent Arctic exploration will be stillborn because Rosneft and its state-controlled sister companies don’t know how to drill in cold offshore conditions alone, she said.

“Extrapolating from a small data sample is perhaps not going to give you the best information,” Hudson said in a telephone interview. “And because of sanctions, it looks like there’s going to be less exploration rather than more.”

There is a video article, which includes parts of the interview itself: Russia Oil Chief Says Sanctions No Bar to Arctic : Video - Bloomberg

The head of Rosneft says they will continue drilling, but no details of how are offered. Very short on specifics, long on guesses. The gist of the article was that it would put pressure on the US to lift the sanctions, at least for Exxon in this case.

original article? when it comes to russia russian media is original article while weserners edit the article letting some expert from no where speak to bash russia. Rosneft is the one who has a clue and not this western agent ''expert''. You arent fooling anyone whith your copy and past propaganda.

These western technology is equipment that gets imported from korea and asia anyways like the Sakhalin platform is (all made by samsung). And second, russia hacked various western oil companies which western media downplayed. For what reason you think? Putin already ordered that russia will make its own equipment manufacturers.

ITAR-TASS: Economy - Russian oil and gas equipment manufacturers to set up national company
Russia attacks U.S. oil and gas companies in massive hack - Jul. 2, 2014

all your technology are belong to us

 

[Cossack25A1]

US and Europe banned their oil companies to work on the Arctic to punish Russia? This means more oil and source of revenue for Russia and her allies.

 

[nvKyleBrown]

original article? when it comes to russia russian media is original article while weserners edit the article letting some expert from no where speak to bash russia.

Reread your own post:

In the event Exxon leaves, work in the Arctic will continue, Rosneft CEO Igor Sechin has confirmed.

“Of course we’ll do it on our own and attract the necessary technologies and different partners who don’t have limitations on cooperation,” the Rosneft CEO said in an interview with Bloomberg News.

I attached the Bloomberg news interview. That was the source for your article, according to your article. I can't help it if TASS couldn't be bothered to interview Igor Sechin for themselves, rather than relying on Bloomberg's interview.

 

[senheiser]

Reread your own post:

In the event Exxon leaves, work in the Arctic will continue, Rosneft CEO Igor Sechin has confirmed.

“Of course we’ll do it on our own and attract the necessary technologies and different partners who don’t have limitations on cooperation,” the Rosneft CEO said in an interview with Bloomberg News.

I attached the Bloomberg news interview. That was the source for your article, according to your article. I can't help it if TASS couldn't be bothered to interview Igor Sechin for themselves, rather than relying on Bloomberg's interview.

No the question is why should Sechin bother to go to RT, its already Pro Russian and not biased. He went to bloomberg to reach more western audience who are brainwashed, especially as bloomberg is the only big Economic/stocks TV channel which is more important for him, for obvious reasons.

 

[nvKyleBrown]

You picked the article that quoted the Bloomberg interview, not me.

 

[Fukuoka]

Quite a bad new for Russia, having oil has never been good except if the country is JEW USA

 

[cirr]

China is ready to step in any time。

Those so-called western technologies are just so so。

Given time，any major country can do and will do anything that another major country can do。

There is only one Kara oldfield.

 

[Tshering22]

This means more resources for people. Good find Russia!