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Foreign investors eyeing Russia’s Arctic projects despite sanctions — energy minister

The Arctic territories remain underexplored, the minister notes

© AP Photo/Misha Japaridze

MOSCOW, February 3. /TASS/. Foreign companies are eyeing oil and gas projects in the Russian Arctic despite anti-Russia sanctions, the Energy Ministry reported Friday with reference to the Minister Alexander Novak.

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"Capital-and science-intensive development of oil and gas fields creates an ideal platform for international cooperation and foreign capital to be attracted to Russia. Foreign partners are taking huge interest in the Arctic projects, despite the sanctions, being aware of this area’s potential," Novak was quoted as saying.

The Arctic territories remain underexplored, the Minister said, adding though that since traditional fields are gradually getting exhausted the stepping-up of exploration on the Artic shelf is increasingly necessary. Earlier Deputy Energy Minister Kirill Molodtsov said that Russia’s recoverable offshore reserves exceed 17.5 mln tonnes of oil equivalent, which accounts for around 88.2% of the country’s total hydrocarbons reserves.

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