Russia’s Arctic Oil Could Supply U.S. for 9 Years

(Bloomberg) — Russia’s Arctic region holds as much as 100 billion barrels of oil and natural gas, enough to meet U.S. fuel demand for almost nine years, OAO Lukoil said.

… Russia, the biggest supplier of oil after Saudi Arabia, is moving into the remote, freezing waters of the Arctic Ocean as older wells in western Siberia dry up. Companies including Moscow-based Lukoil are seizing on climate change to lengthen the shipping season across the Arctic Ocean to North America.

… Lukoil and its U.S. partner ConocoPhillips have expanded capacity at their Varandei oil terminal in the Arctic Ocean. Lukoil plans to start loading oil from its new Yuzhno-Khylchuyu field in June. Varandei will set an example for other Russian producers, Fedun said.

Bloomberg