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    Russia’s Exploration Work in Arctic Almost Unaffected by Oil Price Slump

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    Russia's plans of drilling exploratory wells, prospecting boreholes and appraisal wells in the Arctic are not affected by the current drop of oil prices, the Russian Energy Minister assures.

    MOSCOW (Sputnik) — The drop in global oil prices does not have a major impact on Russia's current Arctic exploration projects, Russian Energy Minister Alexander Novak said Friday.

    "Current work on the Arctic shelf is little dependent on oil prices, because the main objective within the next few years is exploration works, drilling exploratory wells, prospecting boreholes and appraisal wells. These works can be carried out at any oil price," Novak said, in an interview with Rossiya-24 TV.

    Novak also stated that over the next decade Arctic projects will be evaluated in an ongoing feasibility study.

    His remarks came amid a period of active economic exploration by Russia of its northern territories, including oil and gas extraction in the Arctic, a region with large fuel reserves.

    Since June 2014, oil prices have halved in price. In November 2014, crude prices sank even lower, after the Organization of the Petroleum Exporting Countries (OPEC) announced they would maintain current oil production levels.

    The price of a barrel of Brent crude, which peaked at about $115 in summer 2014, currently hovers around $60.

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    Tags:
    Oil, Russian Energy Ministry, Alexander Novak, Arctic, Russia
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