Publication Date:
Mon, 2011-02-21 23:38
Pavel Fedorov, First Vice-President at Rosneft, said at London’s International Petroleum Week on Monday that deals with Britain’s BP to explore the Russian Arctic region and America’s Exxon Mobil to develop oil and gas resources in the Black Sea are just the tip of the iceberg.
Fedorov says Rosneft sees offshore production as a “key strategy thrust for the next couple of decades.”
Offshore oil and gas production in Russia is currently around just 3 percent of the country’s total production, but there are offshore reserves of some 23 billion barrels of oil equivalent.
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