Now Russia’s Joint Venture With BP Is Spending $10 Billion To Find Oil In The Arctic

image

MOSCOW (AP)TNK-BP, a Russian joint venture of British oil giant BP, says it will invest up to $10 billion in developing Arctic oilfields.

The company, half-owned by BP and Russian billionaires, said in a statement Wednesday that up to $10 billion will be spent on building infrastructure at the fields and a pipeline that will link them with the export pipeline.

Russian oil companies have been drawing up plans to move to the oil and gas-rich Arctic as mature fields in Western Siberia are getting depleted.

TNK-BP said an agreement with Russia’s pipeline monopolist Transneft will allow it to connect its Arctic oil fields to the export pipeline in Russia’s Far East mainly aimed at Chinese customers.

Businessinsider.com

Posted on December 14, 2011, in Arctic and tagged , , , , , , , , , . Bookmark the permalink. 4 Comments.

%d bloggers like this: