Rosneft finds first oil field offshore eastern Arctic

There is only one offshore platform in the Russian Arctic, Prirazlomnoye, operated by Gazprom Neft, which plans to produce 2.6 million tons (52,000 barrels per day) this year. Analysts say oil production in the region — apart from Prirazlomnoye — is years away and may start only in the mid-2020s.
Updated 18 June 2017
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Rosneft finds first oil field offshore eastern Arctic

MOSCOW: Russia’s largest oil producer Rosneft said on Sunday it had found its first oil field in the Laptev Sea in the eastern Arctic, making a breakthrough in the search for hydrocarbons in the harsh and far-flung region despite Western sanctions.
Rosneft and its partners plan to invest 480 billion roubles ($8.4 billion) in developing Russia’s offshore energy industry in the next five years, part of a drive to boost output from new areas.
The company has sought tie-ups with several global oil players to develop Russia’s offshore regions. But a deal to work in the Kara Sea in the western Arctic with US company Exxon Mobil was suspended in 2014 after the imposition of Western sanctions against Moscow.
“The result of the drilling at the Khatanga license block allows Rosneft to be considered the discoverer of (oil) fields in offshore Eastern Arctic,” the company said in a statement.
Most Russian oil output comes from western Siberia, where fields are depleting, pushing producers to look for new regions. Sanctions complicate the process, barring Western companies from helping with Arctic offshore, deepwater and shale oil projects.
The Arctic offshore area is expected to account for around 20 to 30 percent of Russian production, one of the world’s largest, by 2050.
Rosneft owns 28 blocks in the Arctic offshore area with combined estimated resources of 34 billion tons of oil equivalent.
There is only one offshore platform in the Russian Arctic, Prirazlomnoye, operated by Gazprom Neft, which plans to produce 2.6 million tons (52,000 barrels per day) this year.
Analysts say oil production in the region — apart from Prirazlomnoye — is years away and may start only in the mid-2020s.
Rosneft has been working in the Laptev Sea since 2014. It values the hydrocarbon resources of the sea at around 9.5 billion tons of oil equivalent.


‘There is no free lunch’, Macron tells tech giant CEOs

Updated 53 min 42 sec ago
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‘There is no free lunch’, Macron tells tech giant CEOs

PARIS: President Emmanuel Macron told executives from the world’s biggest technology firms on Wednesday that he wanted innovation to be a driving force for the French economy, but also that they needed to contribute more to society.
The French leader paints himself as a champion of France’s plugged-in youth and wants to transform France into a “startup nation” that draws higher investments into technology and artificial intelligence. He is also spearheading efforts in Europe to have digital companies pay more tax at source.
Macron’s guest-list included Facebook Inc. Chief Executive Mark Zuckerberg, IBM’s Virginia Rometty, Intel Corp’s Brian Krzanich, Microsoft Corp’s Satya Nadella and a raft of other big hitters in the corporate world.
“There is no free lunch,” he quipped in English to the executives lined up on the steps of the Elysee Palace for a photo call at a lunch meeting. “So I want from you some commitments.”
As Macron spoke, IBM announced it would hire about 1,400 people in France over the next two years in the fields of blockchain and cloud computing.
Ride-hailing app Uber also said it planned to offer all its European drivers an upgraded version of the health insurance it already provides in France in a drive to attract independent workers and fend off criticism over their treatment.
Macron will hold one-on-one talks with Mark Zuckerberg on tax and data privacy on the sidelines of the Tech For Good summit — a day after the Facebook chief executive faced questions from European Union lawmakers.
Those talks will be frank, an Elysee official said ahead of the meeting. While Macron will be pitching France Inc, he will also push his case for a European Union tax on digital turnover and a tougher fight against both data piracy and fake news.
Zuckerberg on Tuesday sailed through a grilling from EU lawmakers about the social network’s data policies, apologizing to leaders of the European Parliament for a massive data leak but dodging numerous questions.
Macron told the executives that business needed to do more in tackling issues such as inequality and climate change.
“It is not possible just to have free riding on one side, when you make a good business,” the French president said.