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.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

DSM Dyneema Names President’s Successor

Gerard de Reuver has elected to step down as President of DSM Dyneema on August 1, 2015 after five years in the post, the company announced today. He will be succeeded by Golnar Motahari Pour,

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

Finance

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

Environmental

Two New Hybrid RTGs for Port of Shanghai

Corvus Energy informs it will provide the battery systems for an additional two hybrid solutions for new rubber-tired gantry cranes (RTGs) that will be produced

USCG Investigates Oil Slick off California Coast

The U.S. Coast Guard was investigating a large oil sheen off the California coast west of Santa Barbara on Wednesday, a spokeswoman for the agency said.   The slick,

Oregon Bridge Danglers Hope to Delay Shell's Arctic Drilling

Protestors rappelled off a bridge in Portland, Oregon on Wednesday hoping to delay Royal Dutch Shell's Arctic oil exploration this summer by blocking the return

Arctic Operations

Arctic Range of Liferafts Introduced

Ship operators working in polar regions can now equip vessels with liferafts from the SurvitecZodiac range that have been manufactured to meet Arctic operating conditions.

Oregon Bridge Danglers Hope to Delay Shell's Arctic Drilling

Protestors rappelled off a bridge in Portland, Oregon on Wednesday hoping to delay Royal Dutch Shell's Arctic oil exploration this summer by blocking the return

'Kayaktivists' to Launch Blockade of Shell Icebreaker

A small group of protesters and activists are gathering at the Cathedral Park boat ramp in Portland, preparing to stay for a 24-hour vigil as they wait for Royal Dutch Shell Oil's icebreaker ship,

Offshore Energy

Mexico to Postpone Deep Water Auction

Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production

Oregon Bridge Danglers Hope to Delay Shell's Arctic Drilling

Protestors rappelled off a bridge in Portland, Oregon on Wednesday hoping to delay Royal Dutch Shell's Arctic oil exploration this summer by blocking the return

CWind Supports Ballast Nedam at Butendiek OWF

CWind, a provider of integrated services to the wind industry, announced today that it is providing corrosion protection services to Ballast Nedam at Butendiek Offshore Wind Farm (OWF).

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3803 sec (3 req/sec)