Russia Leads E&P Race in Arctic Region
Russian and Norwegian exploration and production (E&P) operators have been expanding their operations in the Arctic continental shelf, which is estimated to hold vast deposits of hydrocarbons and rare earth minerals.Warming temperatures in the Barents Sea and northern coastline of Russia are giving an added impetus to resource development in this region, according to GlobalData.GlobalData's report, âArctic Exploitationâ, discusses how Russia is keen on hydrocarbon appraisal and development from the Arctic region to such a great extent that it even settled its longstanding territorial dispute with Norway.The government is also providing tax incentives to companies that invest in this region.
IMO Secretary-General to Make Arctic Voyage
IMO Secretary-General Koji Sekimizu departs later this week (Thursday, August 15) on a five-day Arctic sea voyage as part of a fact-finding mission to the region. Mr. Sekimizu will be the guest of the government of the Russia aboard the nuclear-powered icebreaker 50 Let Pobedy as she voyages on the Northern Sea Route that links Europe and northern Russia. Mr. Sekimizu will commence his voyage from the port of Dikson, in the Kara Sea, before undertaking a 1,680 nm trip to Pevek, in the East Siberian Sea.
