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    Russia’s Rosneft Launches Geological Exploration in Pechora Sea

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    Russian oil giant Rosneft began a geological exploration within the Pomor group, the company said in a press release Thursday.

    MOSCOW (Sputnik) — Russian oil giant Rosneft began a geological exploration of licensed areas within the Pomor group to evaluate their hydrocarbon potential, the company said in a press release Thursday.

    "During the summer navigation period, a specialized research vessel, accompanied by two support vessels, will conduct a 3D seismic survey on an area of more than 1,600 square kilometers [over 617 square miles], as well as a gravimagnetic survey of more than 5,400 linear kilometers," the press release read.

    The total area of the licensed areas is about 8,000 square kilometers.

    Rosneft plans to increase hydrocarbon production in 2017 with account for the oil output cut deal by 5.5 percent to 280 million tonnes of oil equivalent (toe), company's CEO stated.

    In 2016, Rosneft increased its hydrocarbon production by 4.3 percent — to 265.2 million toe on the previous year's figures. Thus, in the current year, the growth may total about 5.5 percent.

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    exploration, oil and gas, Rosneft, Russia
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