Kremlin rejects reports of St. Petersburg iconic cathedral transfer approved by presidentRussian Politics & Diplomacy April 27, 16:15
Kremlin warns against actions that may fan tensions over SyriaRussian Politics & Diplomacy April 27, 16:13
Russia’s next-generation strategic bomber to perform debut flight by 2025Military & Defense April 27, 15:17
Russia’s Black Sea Fleet ship sinks after collision near Turkey's BosphorusWorld April 27, 15:07
Putin welcomes steps towards cultivating Russia-Japan tiesRussian Politics & Diplomacy April 27, 14:56
Russia’s Kvyat is 'one of the most skilled racers' in F1 racing — Toro Rosso chiefSport April 27, 14:20
Ukrainian army holds military drills close to CrimeaMilitary & Defense April 27, 13:14
Press review: Planned Putin-Trump meeting and what may have prevented St. Petersburg blastPress Review April 27, 13:00
Saudi Arabia interested in purchasing Russian military hardwareMilitary & Defense April 27, 12:57
MOSCOW, January 22. /TASS/. Russia to continue implementing Arctic oil and gas projects despite Western sanctions and low oil prices, Russian Energy Minister Alexander Novak said in an interview to the Rossiiskaya Gazeta that will be published on Friday, January 23.
“We will continue developing the Arctic shelf, as it is our strategic resource,” he said.
Shelf development is a long and costly process. Geological exploration alone will take years, and drilling will cost tens and hundreds of millions of dollars, he said.
Despite falling prices for raw materials, companies should maintain their investment plans not to lose what is done. "They must continue drilling in August-September and the first half of October next year to confirm or deny there are reserves in the geological structures," the minister said.
The implementation of the launched projects, including for the Prirazlomnoye field, will continue, he added.
US sanctions imposed against Russia last summer in connection with the crisis in Ukraine have banned participation of foreign companies that supply equipment and others in shale and Arctic oil projects.