Rosneft strikes oil in Laptev Sea

Just days after unveiling plans to invest more than $8bn in developing Russia’s Arctic offshore energy industry,  Russia’s largest oil producer Rosneft  has announced that  it has found its first oilfield in the eastern Arctic’s Laptev Sea. The discovery represents a major breakthrough in Russia’s search for hydrocarbons in the harsh and far-flung region, despite Western sanctions that forced a number of energy majors – including Exxon Mobil  – to pull out of exploration projects in the Arctic Shelf.
“The result of the drilling at the Khatanga licence block allows Rosneft to be considered the discoverer of (oil) fields in offshore Eastern Arctic,” the company said in a statement.
Rosneft has been working in the Laptev Sea since 2014 where it estimates hydrocarbon resources amount to around 9.5 billion tonnes of oil equivalent. In total, it  owns 28 blocks in the Arctic offshore area with combined estimated resources of 34 billion tonnes of oil equivalent; but analysts predict that mainstream  oil production in the region is still years away and may not start until the mid-2020s

Source: reuters