On September 14 at a press conference in Moscow, Mikhail Delyagin (popular Russian economist and director of the Institute of Globalization Problems) has talked about the potentials of the Russia’s Arctic region and why so many investors from the West are willing to forget about the sanctions.
“Russian deposits in the Arctic are capable of giving 12 billion tons of oil and 11 trillion cubic meters of gas. It is in the long term 20-30% of the total oil production in Russia.”
“There is essentially a new marine “oil and gas province” in the Kara Sea – a continuation of West Siberian fields. The first test well there not only gave 130 million tons of oil and 400 billion cubic meters of gas, but also showed that oil and gas depots there are larger than those in the Gulf of Mexico, the Brazilian continental shelf, the shelf of Alaska and Canada.”- said Delyagin.
According to him, the oil in the Russian Arctic oil fields is ultralight, better than the “Siberian Light”, more like the Vietnamese “White tiger”. 78% of the deposit will develop Rosneft, which is ready to invest $400 billion in 20 years.
The project is so promising that foreign investors are not even afraid of sanctions.
“In fact, because of the global significance of the development of the Arctic shelf, a break in the credit and investment embargo has taken place. This project has already attracted investors from the Netherlands, the US, Singapore and Norway” – said Delyagin.
Source: Translated from delyagin.ru