Ministry of Energy Expects Hydrocarbons Extraction on the Russian Arctic Shelf to Grow
26 million tonnes of oil and 34 billion cubic metres of gas will be extracted on the Arctic shelf in 2017. These are the forecasts reported by Kirill Molodtsov, Deputy Minister of Energy of the Russian Federation, who expects extraction of hydrocarbons to grow by 17% for oil and by 4% for gas year on year. “Last year, we extracted more than 22.3 million tonnes of oil and more than 32.9 billion cubic metres of gas on the shelf”, the Deputy Head of the energy authority said.
According to Molodtsov, it is the development of domestic technology that is going to facilitate the increase in shelf oil and gas extraction indicators. “Creation of breakthrough technologies will help reduce costs at all stages: from geological exploration to extraction and transport of hydrocarbons”, Kirill Molodtsov pointed out.
A separate panel discussion at the Russian Energy Week “Arctic Shelf: New Hydrocarbons Extraction Centre and Innovation Technology Driver” will be dedicated to the region’s development in the context of the fuel and energy industry. The key issues to be discussed include technologies for Arctic shelf exploration, nature conservation requirements and shelf extraction profitability.
The forum programme is available here.
Head of the Moscow office of the Association of German Chambers of Commerce and Industry Matthias Schepp has confirmed he will take part in the ‘Russian Energy Week’ (REW) Energy Efficiency and Energy Development International Forum at the Central exhibition hall ‘Manege’ in Moscow on 3–7 October 2017.
The World Bank has estimated the economic effect for the Russian industry, energy, and transport sectors from the introduction of energy efficiency principles at USD 100 billion. The international financial organization’s calculations confirm the forecasts of the Russian Ministry of Energy set forth in the draft Energy Strategy.
The Joint OPEC-Non-OPEC Ministerial Committee on Monitoring Compliance with the Oil Output Cuts Agreement held its 4th meeting co-chaired by Alexander Novak, Minister of Energy of the Russian Federation, and Khalid al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia; Essam al-Marzouq, Kuwait’s Oil Minister, and Mohammed Barkindo, OPEC Secretary General, also participated in the meeting.