Russian company Rosneft has indicated that its joint venture with ExxonMobil is considering development of some 90billion barrels oil equivalent in the Russian Arctic and Black Sea.
Igor Sechin, Russian deputy prime minister, said in New York that the partners will drill their first wells in the Kara Sea in as early as 2014-15, with a final investment decision on full-scale development expected by 2016-17. He said that Kara Sea production is estimated to begin around 2027.
He said the long-term investment in offshore development is estimated to exceed $500billion. This would provide an “enormous potential for US-Russia cooperation, which ought to help us to overcome our over-politicised relationship.”