Western Oil Majors Need Partnerships with Russians to Tap Arctic Shelf

Three quarters of Western and Eastern Siberian oilfields are already nearing 50% depletion, while the reserves of newly discovered fields are on average five times lower than those found 30 years ago. Russia’s huge energy potential is mainly built on the world’s largest continental shelf, with two-thirds of its 6.2 million square kilometers promising for oil and gas. Some analysts estimate Russia’s Arctic shelf reserves at a quarter of the planet’s remaining hydrocarbons.
RIA Novosti