Rosneft to Invest US$400-Bln in Arctic Offshore Program

By George Backwell
Friday, June 06, 2014
Arctic drill platform: File photo

Taking part in a round-table discussion in St. Petersburg on the efficient and safe development of the Arctic, Rosneft's President and Chairman Igor Sechin, informed that the Arctic contains 20% of the world’s oil reserves, and that his company will invest around $400bln in its Arctic offshore program over 20 years.

Rosneft explains that 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.

Sechin highlighted that the 'multiplicative effect' will exceed this sum seven-fold and then the development of Arctic can become one of the engines of the economic growth of the [Russian] country.

He added that Rosneft plans to have equipment and machines manufactured in Russian facilities. First and foremost at the Far Eastern Shipbuilding and Ship Repair Center in Promorye.

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