Rosneft to Invest Billions in Russia’s Far East, Arctic Shelf Exploration

Rosneft announced its plans to invest an equivalent of almost $2.5 billion in shelf oil exploration in the Russia’s Far East.

BOLSHOY KAMEN (Sputnik) — Russia’s state-run oil company Rosneft said Friday it planned to invest an equivalent of almost $2.5 billion in shelf oil exploration in the country’s Far East and off its eastern Arctic shore.

"The program up to 2022 including drilling ten exploration wells as well as a slew of geological surveys in licensed areas. Planned exploration and prospecting on Eastern Arctic and Far East shelves are estimated at 140 billion rubles," the statement read.

The company also intends to boost investment in oil production on the Arctic shelf to 250 billion rubles in the next five years.