Gazprom says it hopes for major Arctic hydrocarbon discoveries

MOSCOW, August 1 (RIA Novosti) – A Gazprom spokesman said Wednesday that the Russian energy giant expected “major new discoveries” of oil and gas reserves under the Arctic Ocean, and had large-scale prospecting plans for the region.

Press secretary Sergei Kupriyanov discussed the company’s plans in a radio interview, the day before a Russian exploration vessel is to send mini-submarines on the first-ever dive below the North Pole, a symbolic move as Russia attempts to claim a vast section of the Arctic.
The United States’ geological survey data suggest the Arctic seabed contains up to 25% of the world’s oil and natural gas reserves, and other mineral riches, made accessible by the retreating of the polar ice due to global warming.

Sergei Kupriyanov told Ekho Moskvy: “We have approved a program of work on the Arctic shelf, which includes a great deal of prospecting.”

The spokesman stressed the potential vastness of the Arctic shelf’s reserves – the Shtokman field alone in the Barents Sea holds an estimated 3.8 trillion cubic meters of natural gas, he said.

“This is more than we have supplied to Europe over the past 30 years. Less than 5% of the Arctic shelf has been explored, and we are sure that major new discoveries will follow,” the official said.

RIA Novosti