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Page added on March 17, 2012
Drilling to Begin Soon from 1st Russian Arctic Platform
Drilling is scheduled to begin this month from the first permanent offshore platform in the Russian Arctic, the Barents Observer reports.
Over 500 workers are currently preparing the platform for drilling. The platform was towed from Murmansk in August of last year.
Original plans called for drilling to begin last September but were postponed. The platform is located in the eastern Pechora Sea, and is 90 percent surrounded by ice up to 19 inches thick.
Gazprom subsidiary GazpromNeftShelf is the license holder of the field, which is estimated to hold 72 million tons of oil reserves.
2 Comments on "Drilling to Begin Soon from 1st Russian Arctic Platform"
BillT on Sat, 17th Mar 2012 2:17 pm
72 million tons = about 500 million barrels of oil or about 6 days worth for the world. Wow! Break out the champagne! Or Vodka…but, that is about $50 billion dollars for the Russian government. Imagine, that one oil field can pay for their entire military expense for 1 year.
Arthur on Sat, 17th Mar 2012 3:06 pm
By the time the oil arrives on the market, oil prices will likely have doubled. The oil find means nothing for the global market, but it is still nice pocket money for a government not used to much.