Russia’s state-controlled oil company Rosneft intends to invest about $6 billion in developing offshore fields in the next few years, CEO Sergei Bogdanchikov said on Tuesday.

Bogdanchikov said Rosneft’s investment in offshore deposit projects had
already reached about $13 billion and “in the coming years, another $6
billion will be invested.”

He said Rosneft, which became Russia’s largest oil producer after
acquiring most of the assets of bankrupt oil firm Yukos through
liquidation auctions in 2007, intends to carry out work on the shelf of
the Sea of Okhotsk in the Arctic, and in the Caspian, Azov and Black
seas.

Bogdanchikov earlier said Rosneft planned to bid for 30 Arctic offshore oil deposits.

Bogdanchikov cited a Russian Natural Resources Ministry report that
estimates Russian Arctic shelf exploration costs to be about 9-9.5
trillion rubles (about $307-324 billion).

He also added that, according to the law, only Gazprom, Rosneft and “maybe, one or two more companies” can work in the region.

Bogdanchikov also said that Rosneft planned to produce 11-13.5 million
metric tons (80-100 million barrels) of oil at the giant Vankor oil and
gas deposit in East Siberia in 2010.

Source: RIA Novosti

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