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Russia discovers 82 million tonnes of oil in the Arctic

Russia's state-owned Rosneft has confirmed the discovery of 82 million tonnes of oil in the Pechora Sea in the Arctic.

Rosneft has been conducting a drilling campaign in the Medyn-Varandey region for some time. And according to the company, one of the tests was very successful, saying in a statement.

“During the tests, a free flow of oil was obtained with a maximum flow rate of 220 cubic meters per day. The oil is light, with low sulfur content and low viscosity.”

According to the company, this is proof that there is still huge untapped potential in the Arctic, now especially so in the Timan-Pechora province.

Russian media report that Rosneft has a controlling interest in 28 Arctic production licenses, 8 of which are directly in the Pechora Sea.

Derrick drilling and pump jack in severe winter

Rosneft has other projects in the Arctic

Recently, the company issued an update on the continuation of the Vostok Oil project, which it says is “the only project in the world that can bring a stabilizing effect to the oil market.”

According to Rosneft, Vostok Oil will produce up to 115 million tons of oil per year by 2033. This volume of oil is said to be equivalent to 20% of Russia’s total oil production in 2021.

Read also: Why is the price of Crude Oil so volatile?

After Russia invaded Ukraine, most Western oil companies ceased operations in Russia. Since these companies have invested heavily there and brought all the necessary modern technology for oil production, the question arises whether Russia will have everything it needs to extract the oil found.

In connection with the Vostok Oil project, a representative of Rosneft made the following comments.

“We have all the necessary competence, knowledge, and experience, and in such projects, 98% of the technology is produced in Russia.”

Thus, according to these words, there should be no problem with the steady increase in production of this recently much-discussed commodity. Russia is currently selling its oil at a discount due to sanctions, which are being used extensively by countries such as China and India.

Bruno is an Investment enthusiast with several years of experience in the industry. He enjoys following the latest news and technology trends...

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