20:39 GMT +329 April 2017
Live
    Polar expedition to Arctic

    Enormous Oil, Gas Reserves Found in Russia’s Arctic Region

    © Sputnik/ Mikhail Voskresenskiy
    Russia
    Get short URL
    0 4865454

    The Arctic Region boasts oil and gas reserves similar to those of Western Siberia.

    According to preliminary estimations, the Arctic reserves have nearly 100 billion tons of fuel, Alexei Kontorovich, Director of the Institute of Petroleum Geology and Geophysics of the Russian Academy of Sciences, told journalists.

    "As for oil and gas reserves, the Artic is the new Western Siberia. According to geologists, the reserves have 100 billion tons of fuel – oil and gas. But the proportion of oil and gas is a point for discussion," he said.

    Kontorovich added that currently the reserves are believed to 80 percent gas.

    "Now it is premature to make conclusions. I think the share of oil could increase," he said.

    Currently, the institute is exploring vast Arctic territories, including the areas from the Pechora Sea and the Barents Sea to the mouth of the Lena River. These are the regions which are now thought to be the largest oil fields.

    Kontorovich underscored that Russia’s two largest energy companies – Rosneft and Gazprom – are also actively involved in the exploration, but they do not share information with scientists.

    Related:

    Russia Will Defend Its Right to Arctic Oil, Gas With Missiles
    Russia's Rosneft Mulls Development of Cuban Oil Fields
    Russia, Saudi Arabia 'Oil Alliance' to Affect US Energy Companies
    Tags:
    Oil, oil extraction, oil field, Arctic, Siberia, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment