Rosneft ‘door closed’ in Barents

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Russia’s military has reportedly barred the way for state oil company Rosneft to gain exploration access to three prospective areas in the Barents Sea.

Steve Marshall & News reports 28 November 2011 09:19 GMT

Rosneft has had its applications for three licences covering the Severny, Papaninsky and Mezhdusharsky Vostochny structures rejected by Russia’s mineral extraction agency Rosnedra after objections were raised by the Ministry of Defence, a Rosnedra source, quoted in Russian media, was reported as saying by the Barents Observer.

The three tracts, located south-west of the Novaya Zemlya archipelago, are prospective for oil and gas, with Severny reported to hold 26.6 billion barrels of oil equivalent, while Mezhdusharsky and Papaninsky are believed to contain 2 billion boe and 559 million boe respectively.

Rosneft also had its bid to explore the Severo-Barentsevoye field turned down due to ongoing state mapping of the area.

Conflicting interests among Russian state bodies have historically stalled decisions on exploration and development of Barents acreage, with fields discovered in the 1970s still undeveloped.

The Russian military sees the Barents as a strategically important area because it provides ice-free access to the North Atlantic and Arctic Ocean. The might Northern Fleet, based on the Kola Peninsula, has its bases on the Barents coast.

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Posted on November 28, 2011, in Arctic Ocean, Russian Federation and tagged , , , , , , , , . Bookmark the permalink. Comments Off on Rosneft ‘door closed’ in Barents.

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