The future of Russian oil exploration
The future of Russian oil exploration
The future of Russian oil exploration
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Exploring<br />
new frontiers<br />
Russia is washed by 13 inland and open<br />
seas, with the area <strong>of</strong> the shelf and<br />
continental slope totaling 6.2 million square<br />
kilometers. Twenty major <strong>oil</strong> and gas<br />
provinces and basins have been discovered<br />
on the <strong>Russian</strong> shelf, 10 <strong>of</strong> which have<br />
proved <strong>oil</strong> and gas reserves (the largest<br />
Arctic sedimentary basins are the East<br />
Barents, South Kara, Laptev, East Siberian<br />
and Chukchi basins).<br />
<strong>The</strong> initial recoverable resources <strong>of</strong> the<br />
<strong>Russian</strong> shelf are reported to reach<br />
100 billion tons <strong>of</strong> <strong>oil</strong> equivalent, including<br />
13 billion tons <strong>of</strong> <strong>oil</strong> and 87 trillion cubic<br />
0°<br />
NM1<br />
NM2<br />
BP1<br />
meters <strong>of</strong> gas, accounting for 22%–27%<br />
<strong>of</strong> the World Ocean’s total <strong>of</strong>fshore<br />
hydrocarbon resources. 3 It is noteworthy<br />
that around 75% <strong>of</strong> Russia’s total <strong>of</strong>fshore<br />
resources are located in Arctic regions with<br />
severe weather conditions and poorly<br />
developed infrastructure. In 2008, the U.S.<br />
Geological Survey (USGS) completed an<br />
assessment <strong>of</strong> undiscovered conventional<br />
<strong>oil</strong> and gas resources in all areas north <strong>of</strong><br />
the Arctic Circle. According to this study,<br />
these are predominantly natural gas<br />
resources (over 75%).<br />
Map showing prospective <strong>oil</strong> areas north <strong>of</strong> the Arctic Circle<br />
Source: USGS<br />
BP2<br />
EGR4<br />
EBB2<br />
EBB1<br />
MZB1 TPB1<br />
TPB2<br />
EGR1<br />
NGS2<br />
TPB3<br />
NZAA1<br />
8 <strong>The</strong> <strong>future</strong> <strong>of</strong> <strong>Russian</strong> <strong>oil</strong> <strong>exploration</strong> Beyond 2025<br />
EB2<br />
WSB2<br />
EBB3<br />
WSB1<br />
EB3<br />
NKB1<br />
90°<br />
LM2<br />
YK2<br />
TUN1<br />
EB4<br />
LM2<br />
EB1<br />
NWLS1<br />
YK1<br />
LM1<br />
LA1<br />
LSS1<br />
LA2<br />
LA3<br />
LM3<br />
LSS3<br />
LSS2<br />
LV1<br />
CB1<br />
Another study, by Wood Mackenzie and<br />
Fugro-Robertson, dedicated to the<br />
assessment <strong>of</strong> the Arctic’s hydrocarbon<br />
potential (Future <strong>of</strong> the Arctic, 2009)<br />
found that gas resources predominate<br />
over <strong>oil</strong> in much <strong>of</strong> the Arctic basin. Gas<br />
accounts for 85% <strong>of</strong> the Arctic’s discovered<br />
resources and 74% <strong>of</strong> its <strong>exploration</strong><br />
potential. Consequently, estimates<br />
regarding <strong>future</strong> <strong>oil</strong>-production levels may<br />
be based on the assumption that Russia’s<br />
Arctic regions contain recoverable <strong>oil</strong><br />
reserves <strong>of</strong> 2 billion–4 billion tons.<br />
ESS1<br />
Arctic Circle<br />
NCWF1<br />
VLK1<br />
AA1<br />
ZB1<br />
LS1<br />
HB1<br />
Undiscovered <strong>oil</strong> (billion tons)<br />
>1,350<br />
0,135 — 1,350<br />
0,014 — 0, 135<br />
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