Russia makes massive oil discovery in the Arctic
Russian energy major Rosneft has announced the discovery of a huge oil deposit in the Pechora Sea containing an estimated 82 million tons of oil.
The field was discovered thanks to a drilling campaign in the Medynsko-Varandeysky area. “During the tests, a free flow of oil was obtained with a maximum flow rate of 220 cubic meters a day,” the company’s statement read on Wednesday, noting that the “oil is light, low-sulfur, low viscosity.”
Rosneft noted that the exploration works in the waters of the Pechora Sea proved the “significant oil potential of the Timan-Pechora province on the shelf and became the basis for continuing the study and development of the region.”
The company reportedly controls a total of 28 offshore licenses in the Arctic, eight of them in the Pechora Sea.
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