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Arctic shelf: Russia’s Natural Resources Ministry gets 29 bids

September 26, 2013, 3:06 UTC+3
Resources of crude, gas and condensate on the Arctic shelf are estimated at 83 billion tons of fuel equivalent
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MOSCOW, September 26 (Itar-Tass) - Russia’s Natural Resources and Environment Ministry received 29 bids for conducting geological surveys on the Arctic shelf.

The ministry has already issued 20 licenses for developing mining on Russia’s part of the shelf, Natural Resources Minister Sergei Donskoy told the third International Arctic Forum on Wednesday.

“Resources of crude, gas and condensate on the Arctic shelf are estimated at 83 billion tons of fuel equivalent,” he said. “Around 80% percent of them are concentrated in the Barents and Kara Seas (including the Ob and Tazov Bays), where all 25 discovered hydrocarbon deposits with proved reserves of over 10 billion tons of fuel equivalent are located (8.5 trillion cubic meters of gas, 430 million tons of oil).”

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