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MOSCOW, December 24. /TASS/. Russian oil major Rosneft will invest $400 billion in its program of Arctic shelf development over 20 years and expects to earn more than $2.8 trillion from the program’s implementation, according to materials posted on Rosneft’s website.
Rosneft’s aggregate revenue from the program implementation will exceed expenditures by more than seven times through the multiplier effect, the company said.
Rosneft, which is the world’s largest company by output, said in its materials that the Russian Arctic would account for 20-30% of Russia’s total oil production by 2050.
According to data of Russia’s Natural Resources Minister Sergey Donskoy, initial recoverable oil reserves in the Russian Arctic amount to about 7.7 billion tons, including 500 million tons on the Arctic shelf.
By today, 594 oil and 159 gas deposits have been discovered in the Russian Arctic, as well as 2 large nickel and over 350 gold fields.
Aggregate recoverable hydrocarbon reserves in the Russian Arctic are estimated at 258 billion tons of conventional fuel or 60% of Russia’s total hydrocarbons.
At the same time, the Arctic zone’s unexplored potential equals over 90% on the shelf and 53% on the ground.