Rosneft uncovers oilfield in Eastern Arctic

Rosneft uncovers oilfield in Eastern Arctic

Just days after revealing plans to invest US$8.4 billion in offshore Arctic exploration, Rosneft (MCX:ROSN) has announced the discovery of oil in the Eastern Arctic.

The discovery was made by experts drilling a prospective well on the shelf of the Khatanga Bay in the Laptev Sea, and could be the biggest field on the shelf according to Russian Minister of Natural Resources and the Environment Sergei Donskoi.

“We can already speak about a significant inflow of oil, and thus, about a unique discovery of what’s likely to be the biggest oil field on the shelf,” said Donskoi on his official Facebook page.

The license area, which spans a vast 17,217 km², has been drilled since April 2017, after Rosneft received the drilling license in November 2015.

In total, Rosneft owns 28 licensed sites on Arctic shelf, with combined estimates resources of 34 billion tonnes of oil equivalent.