Russia: Rosneft and BP to start Arctic drilling in 2015

Russia: Rosneft and BP to start Arctic drilling in 2015

Could this be another challenge for BP and deep sea drilling? Russian and British are set for a new drilling adventure in the Arctic’s Kara Sea in 2015. This is what is revealed on energy-pedia and newswire this month.

The Russian and British oil giants Rosneft and BP plan to start drilling in the Arctic's Kara Sea in 2015, Rosneft's vice president said on Monday. Earlier BP head Robert Dudley said the development of the three Kara Sea blocks, known as East Prinovozemelsk-1, 2 and 3, would begin in 5 or 10 years. Rosneft received the rights to drill in the area covering around 125,000 sq km in October.

Rosneft Vice President Peter O'Brien said oil extraction would be carried out in the first stage and gas would be produced later. He also said the companies were considering other possibilities in the Arctic.

Russian Prime Minister Vladimir Putin announced on Friday that Rosneft and BP had agreed on joint shelf projects in Russia and other states. Currently, Rosneft and BP jointly develop the Sakhalin shelf in Russia's Far East. In 2006, the companies signed a memorandum to develop the Arctic shelf. However, they have not developed any projects there.

Note: The Kara Sea (Russian Karskoye, Karskoe, or Karskoje More) is a marginal sea of the Arctic Ocean, located off western Siberia, between the Novaya Zemlya islands (west), Franz Josef Land (northwest), and the Severnaya Zemlya islands (east). It is connected with the Arctic Basin (north), the Barents Sea (west), and the Laptev Sea (east). It has an area of 340,000 sq miles (880,000 sq km). Average depth is 417 feet (127 m), and maximum depth is 2,034 feet (620 m).

Source: Newswires