Large-scale oil production in the Arctic can start only in 15 years says Lundin Petroleum

Large-scale oil production in the Arctic is likely to start only in 15 years because of difficulties in the field of technology and logistics, Lundin Petroleum’s CEO Ya.Lundin stated.

“I don’t think that the oil production in the Arctic will start in the near future, it’s likely to start not in this decade and even not in the next one. There are great commercial difficulties,” – he said.

According to specialists, up to 30% of world unexplored reserves of gas and 13% of oil are in the Arctic.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
12 Northfields Prospect; London, - SW18 1PE; United Kingdom
E 51° 27.454518" S 0° 14.101236"

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer