Russia's New Visionary Economic/Energy Strategy - More Arctic Drilling - Onshore, Offshore, NG, Oil
While governments and energy companies in Europe rapidly scale down investment in petroleum, the Russian side moves in the opposite direction. The new Russian Arctic Strategy signed by President Putin on the 26th October includes big stress on hydrocarbon development, including Rosneft’s grand oil projects in the Taymyr Peninsula and Novatek’s expansion in Arctic LNG.
The document includes an ambition to produce up to 91 million tons of LNG per year by 2035 and a boost of Arctic oil production to 26 percent of total national output. On Monday this week, Prime Minister Mikhail Mishustin followed up with a series of instructions for his cabinet ministers.
The list of 21 points includes a plan on drilling in Arctic waters. The plan is to be presented by the Ministry of Natural Resources by 18th December this year and include exploration and mapping, as well as sources of financing. At the same time, the Ministry of the Far East and Arctic is requested to propose tax incentives for the oil and gas companies in the region. And the Ministry of Industry and Trade is commissioned to present a plan that is to boost national capacities in offshore technology and reduce dependence on foreign drilling and exploration equipment.
Russia has vast hydrocarbon resources on its Arctic shelf and the country’s government is eager to expand into the pristine region. According to the newly adopted Arctic Strategy there is up to 85,1 trillion cubic meters of natural gas and 17,3 billion tons of oil on the Russian Arctic shelf.
EDIT
https://thebarentsobserver.com/en/2020/11/moscow-pushes-more-arctic-drilling