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Russia invites Norway’s Statoil to participate in raw hydrocarbon exploration projects

November 28, 2016, 19:55 UTC+3 MOSCOW

The Natural Resources Ministry is now stepping up measures of state regulation for the introduction of technologies to increase of oil recovery factor on existing fields

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MOSCOW, November 28. /TASS/. Russia’s Natural Resources Ministry has invited Norway’s Statoil to take part in its projects on raw hydrocarbon exploration, the ministry said in a press release.

Minister Sergey Donskoy voiced this proposal when meeting with the management of the Norwegian company in Oslo.

Donskoy said that his ministry continues to work on the creation of special sites for the development of new technology of exploration and development of unconventional hydrocarbons.

He said that oil reserves of the Russian section of the Arctic offshore zone reach 10 bln tonnes, while about 100 bln tonnes of fuel equivalent can be extracted from the depths of the Russian section. Donskoy said that the correlation between reserves and resources means that discovery of large and unique deposits on offshore zone is very likely.

The Natural Resources Ministry is now stepping up measures of state regulation for the introduction of technologies to increase of oil recovery factor on existing fields and to boost the development and exploration of hard-to recover reserves.

"Measures aimed at promotion of mining of hard to recover reserves will allow Russian companies to produce additionally about 326 million tonnes of oil by 2032," according to the press release.

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