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Russia Eyes Arctic Oil Drilling To Boost Market Presence

© Denis SelivanowPrirazlomnaya oil rig in the Barents Sea (Archive)
Prirazlomnaya oil rig in the Barents Sea (Archive) - Sputnik International
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Oil extraction at the Prirazlomnoye Arctic oilfield in the Arctic Pechora Sea will boost Russia’s oil output and increase its presence on energy markets, Russian President Vladimir Putin said Friday during a video link-up with an oil rig in the region.

NOVO-OGARYOVO, Russia, April 18 (RIA Novosti) – Oil extraction at the Prirazlomnoye Arctic oilfield in the Arctic Pechora Sea will boost Russia’s oil output and increase its presence on energy markets, Russian President Vladimir Putin said Friday during a video link-up with an oil rig in the region.

“It is the beginning of our country’s massive effort to extract mineral resources and oil in the Arctic,” Putin said.

“The project will increase Russia’s presence in global energy markets, boost its overall economy and our energy industry in particular,” he explained.

During the video hook-up, the president congratulated rig workers on their first oil shipment in the Arctic. Putin said the development of this deposit would give an impetus to Russia’s machine and ship industries.

Two huge ice-breakers have been assigned to the rig to perform year-round maintenance, which will also improve the standing of Russia’s ship-building companies, Putin said.

The Prirazlomnoye oilfield was discovered in 1989 and is believed to hold some 70 million tons of extractable oil, with year-on-year yields expected to reach 6 million tons. Russia intends to extract at least 300,000 tons this year.

The project has been accumulating investment, estimated at around 90 billion rubles ($2.5 billion).

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