Russian oil and gas companies have found a way to cope with the difficulties they have because of the sanctions. This is confirmed by implementation projects like the "Central-Olginskaya-1" in the Arctic, where the oil company Rosneft started drilling, according to Financial Times.
Well "Central Olginskaya-1", in the North of Russia, located far beyond the border of the Arctic circle. In technical terms, it is more complicated than any previously drilled in Russia, the newspaper writes. "Given that oil deposits located under the cold, often frozen waters of the Laptev sea, to reach locations within 15000 m from the main point will be used ultramodern technology of horizontal drilling," reads the article.
Three years ago, when the EU and the US imposed sanctions against Russia, limiting such companies, as "Rosneft", the access to foreign capital and technology, these complex wells were extremely ambitious projects that seemed impossible. "However, the delivery of projects such as "Central-Olginskaya-1" shows that the major Russian oil companies have found a way to cope," — said FT.
The ability of companies to overcome the impact of sanctions is crucial for the economic future of Russia, says the publication. Preliminary estimates indicate that areas covered with ice where it conducts drilling "Rosneft" are the reserves in the amount of about 9.5 billion tons of oil equivalent. Experts believe that the Russian shelf in the Arctic contains oil and gas $ 20 trillion and by 2050 will give 20-30 percent of total production. The state company "Rosneft" and "Gazprom" has received exclusive rights to work in the region.
The publication notes that for the period from 2013 to 2016, oil production in Russia grew by 6 percent, more than twice the total growth of production in the OPEC countries. For three years the income of the three largest NK of the country increased by 11 percent.
Difficulties with access to foreign currency funds has forced the company to restructure budgets through domestic banks, reducing unprofitable and expensive new projects and increase efficiency. This was followed by a series of acquisitions and projects for international expansion.
"Such examples, as well Central and the Bazhenov field, gave the industry hope that even if the restrictions will remain in force, domestic experience will accumulate quickly enough to ensure the future of exploration and production," notes the FT.
11-billionth of a December deal to sell 19.5 percent of Rosneft to a consortium of Qatari sovereign Fund, and the Swiss trader Glencore had two goals of Putin's administration to obtain much-needed funds for depleted by the recession of the budget and to make a statement towards those who believed that such a transaction is not possible under the restrictive regime.
After drilling in the Laptev sea in the next year, Rosneft will shift its exploration activities to the West in the Barents sea, and in 2019 — in the Kara sea. The latest project was originally conceived in collaboration with ExxonMobil, but the head of "Rosneft" Igor Sechin says that the work will be carried out on schedule, regardless of sanctions. "It is important to demonstrate the stability of our cooperation with our partners, — said the representative of the company. — Perhaps the sanctions will last years, but business relationships last for decades."
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