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LUKOIL ready to invest 2.7 billion dollars in Arctic shelf exploration

The Laptev and Chukchi Seas are believed to be the least studied sections of the Russian Arctic shelf

Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

MOSCOW, October 26 (Itar-Tass) — Russia’s LUKOIL Company has submitted its proposals on Arctic shelf development to the Russian government, LUKOIL’s official spokesperson said.

“LUKOIL” is ready to invest 2.7 billion dollars in geological prospecting on the Russian shelf. The company is also ready to carry out geological prospecting in four licensed sections on a total area of 134.700 square meters in the Laptev Sea as well as the East Siberian and Chukchi Seas.

The Laptev and Chukchi Seas are believed to be the least studied sections of the Russian Arctic shelf.

The LUKOIL suggested program includes detailed two-dimensional seismic prospecting on an area of 68,000 route kilometers and three-dimensional aerial seismic prospecting on an area of 13,600 kilometers.

After seismic prospecting, LUKOIL plans to drill five test holes to assess the hydrocarbon potential of promising boreholes and the whole region.

LUKOIL, independently or jointly with other oil companies, has submitted initiatives on development of the Russian Arctic shelf this year.

The LUKOIL, Surgutneftegaz, Bashneft and TNK-BP companies sent a collective letter to the Russian government in April with a request to expand the number of users of mineral resources harbored on the continental shelf.

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