New oil field discovered in Arctic

11. November, 2014 News No comments
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The Arctic region has big potential for hydrocarbon production. According to the estimates, prepared by the US Geological Survey USGS in 2008, there might be 22% of undiscovered oil and gas resources, including 13% undiscovered petroleum resources. More than three-quarters of these resources are located in areas of marine waters in USA, Canada, Greenland, Norway and Russia, which recently was quite succesful in its operations.

On 27th September Rosneft and ExxonMobil announced, that they had discovered oil in the Kara Sea, 250 km clear off the inland of the Russian Federation. The drilling was completed in record time – in one and a half month. The project is developing on three oil and gas fields in the north-east coast of the island called Sakhalin.

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It all started in 2011, when Rosneft signed an agreement with US oil company ExxonMobil. The contract was worth 3.2 billion dollars. In August 2013 Karmorneftegaz, a joint venture Rosneft and ExxonMobil, began drilling in the area of oil field called East-Prinovozemelsky. The works were carried out despite the sanctions imposed on Russia.

The succesful well was drilled to the depth of 2113 meters; the sea depth at the drilling site was 81 meters. The head of Rosneft Igor Sechin said that gas reserves are estimated to be about 338 million cubic meters and oil- to 100 million tons. “This is our united victory, it was achieved thanks to our friends and partners from ExxonMobil, Nord Atlantic Drilling, Schlumberger, Halliburton, Weatherford, Baker, Trendsetter, FMC.”- Sechin summarised. According to estimates, Kara Sea may be rich in similar deposits of oil as Saudi Arabia. Igor Sechin said that the oil field, where the discovery was made, is called “Pabieda”, from the Russian – victory. Despite this success, experts aren’t sure whether oil from the wellbore can be extracted on a commercial scale, that’s why Rosneft will analyze more samples.

The media in Moscow informed lately, that Exxon Mobil, due to sanctions,  suspended cooperation with Rosneft on the sea in the Arctic.

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The OIES report also analyzes two other projects in the Arctic- Norwegian Snohvit (gas field) and Russian Prirazlomnoye (petroleum). Both of them are currently at the stage of hydrocarbon extraction. Despite the fact that in both cases the mining process was started, the authors note that it was very late and significantly above the originally projected cost.

However, as BiznesAlert.pl reported, Igor Sechin told to Der Spiegel that Rosneft, by 2030, will have invested 400 billion dollars in Arctic operations.

Sources: www.euroinfrastructure.eu, www.forbes.pl, www.rosneft.com, www.tvn24bis.pl, www.zerohedge.com

 

 

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