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The Hydrocarbon Potential of Northern Seas of Russia Does Not Carry Conviction for Investors - Sergey Ivanov

March 30, 2010

The hydrocarbon potential of northern seas of Russia is assessed at 100 bln tons of reference fuel though this assessment does not inspire investors. This was a declaration of the Vice Prime Minister of the Russian Federation Sergey Ivanov at a session of the Marine Board of the Government of the Russian Federation, communicates “The Voice of Russia”.

According to the Vice Prime Minister, northern and far-eastern seas are “ten and even hundred times worse studied than foreign water areas of USA, Norway, Great Britain”. Sergey Ivanov clarified that only the Barents and Kara Seas and the Sea of Okhotsk are “described as moderately studied”. At the same time “the Laptev, East Siberian and Chukchi Seas are slightly studied due to harsh climatic conditions, sky-high cost of works and seasonality”.

“This is precisely why in assessment of the hydrocarbon potential we have to speak only in terms of estimated values of 100 bln tons of reference fuel and estimate the probability of discovering large and unique oil and gas fields as high,” believes the Vice Prime Minister.

“I think that these assessments do not carry enough conviction for potential investors,” continued Ivanov. – Not to speak of comparing commercial appeal of fully explored fields with underexplored ones.” The Vice Prime Minister noted that general geological and geophysical knowledge of Russian water areas is exceptionally low and extremely nonregular.

He added that in 2009, exploration works on the shelf of the Caspian and Azov Seas were substantially completed. “In 2010, all federal budget resources for shelf geologic exploration will be channeled to the Arctic Region,” summarized Sergey Ivanov.

Source: PortNews

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