Rosneft earmarks $400 billion for Arctic exploration

On June 5, Igor Sechin, President and Chairman of the Management Board, Rosneft took part in a session of a roundtable on efficient and safe development of the Arctic in St. Petersburg.

Igor Sechin, President and Chairman of the Management Board, Rosneft

The roundtable involves researchers and business community representatives and is led by Russian President Vladimir Putin. The session focused on scientific support for the development of the Arctic and implementing offshore projects in an environmentally safe way.

Igor Sechin made a report in which he mentioned that available geological data indicates the Arctic holds over 20% of the world’s oil reserves. He recalled that the Company will invest around $400bln in its Arctic offshore program over 20 years. Igor Sechin highlighted that multiplicative effect will exceed this sum sevenfold and then the development of Arctic can become one of the engines of the economic growth of the country.

Igor Sechin also said that Rosneft plans to have equipment and machines manufactured in Russian facilities. First and foremost, this refers to the Far Eastern Shipbuilding and Ship Repair Center in Promorye.

Pursuant to instructions from the Russian President, this center is to become the facility where Russian companies will be ordering vessels and sea equipment needed for exploring, producing and transporting hydrocarbons at offshore fields.

 

Press Release, June 06, 2014

 

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply