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Russia to bag USD 5bn from offshore licenses

30th January 2013

Kremlin to receive USD 5bn from the sale of offshore licenses in 2013 in Russia’s Arctic shelf

Russia to bag USD 5bn from offshore licenses
Exploration of Russia’s Arctic shelf is currently limited to state-owned energy giants Rosneft and Gazprom

Russia’s sale of licenses for the exploration of hydrocarbon depoisits on its Arctic shelf this year will generate as much as USD 5bn, deputy prime minister Arkady Dvorkovich told Interfax news agency on Monday.

Exploration of the harsh but promising region is currently limited to state-owned energy giants Rosneft and Gazprom. Rosneft is the country’s largest oil producer and last week reaffirmed its position as the world’s largest public oil company after it announced hydrocarbon reserves at the end of 2012 of 19,026 million barrels of oil equivalent (boe).

The deputy prime minister also said Russia, the world's largest energy producer, would maintain its current levels of oil and gas production by developing new deposits. Russian oil output reached a post-Soviet high last year.

Gazprom’s Zapolyarnoye field this month hit its full design capacity of 130 billion cubic meters of gas per year, becoming Russia;s most productive field.