Rosneft obtains two more arctic licences

In a direct deal, signed by Prime Minister Medvedev, the Russian government has granted Rosneft another two offshore Arctic licences. The licences covered two Pechora Sea blocks, Pomorsky and Pomorsky-2 and are believed to hold approximately 292 -332 million bbls of oil.

In addition to these two new licences, Rosneft already holds 14 other Arctic licences covering areas of the Kara and Barents Seas. The company has reportedly applied to the government for as many as 24 similar licences.

The state-owned company’s drive to grab more licenses in the region is likely a move to gain a dominant share in the market before the Kremlin’s plans to open up the region to private companies are fully implemented.



Edited from various sources by David Bizley

Published on 21/11/2012

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