EnergyWatch

Russia can wait for USD 70 oil before returning to Arctic waters

With crude oil languishing at USD 51 per barrel, Russia is currently relying on less costly regions than the Arctic.

Photo: Christian Florian / DMI

Russia can wait for a sustained recovery in oil prices before drilling again in Arctic waters, relying for now on less costly regions even as rival producer Norway accelerates development of its northerly fields.

“We estimate production costs for the Russian Arctic offshore in the range of USD 70 to USD 100 a barrel,” Energy Minister Alexander Novak said by email. These reserves “are our backup stock,” he said before the International Arctic Forum in Russia’s Arkhangelsk, which starts Wednesday.

Read the whole article

Get 14 days free access.

No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

US to bank more on nuclear power

Several US states are regarding nuclear power as a supplement to renewables when it comes to lowering emissions, but there is still opposition from a number of Democratic states.

Further reading

Related articles

Latest News

See all jobs