LUKoil Ready to Actively Operate in Arctic If Government Gives Permission

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LUKoil CEO Vagit Alekperov said that as soon as legislative acts are confirmed, LUKoil will actively participate in any developments in the search for oil and gas fields in the Arctic.

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VOLGOGRAD (Sputnik) – LUKoil has not yet investigated energy projects in the Arctic in detail, but is ready to operate actively in the region if the government gives the company the green light, LUKoil CEO Vagit Alekperov said Tuesday.

"We haven't looked at the Arctic in detail because we are so far not allowed to work there today. As soon as legislative acts are confirmed, we will actively participate in any developments in the search for oil and gas [fields] in the Arctic," Alekperov told journalists.

The Arctic, rich in natural resources, has been the subject of territorial disputes between the five Arctic Ocean coastal states: Russia, Canada, Denmark, Norway and the United States.

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Russia regards the development of its Arctic areas as a top priority.

The total value of technically recoverable natural gas inside the Arctic Circle is estimated at over 1,600 trillion cubic feet. The area also has some 25 geologically defined areas thought to have potential for oil extraction, with approximately 90 billion barrels of oil that could be accessed, according to US Geological Survey.

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