Russia finds massive oil deposit in the Arctic| MENAFN.COM

Friday, 02 December 2022 10:18 GMT

Russia finds massive oil deposit in the Arctic


(MENAFN) Russian energy major Rosneft has stated the discovery of a massive oil deposit in the Pechora Sea containing a projected 82 million tons of oil.

The field was found due to a drilling drive in the Medynsko-Varandeysky area. “During the tests, a free flow of oil was obtained with a maximum flow rate of 220 cubic meters a day,” the company’s statement read on Wednesday, noting that the “oil is light, low-sulfur, low viscosity.”

Rosneft said that the exploration works in the waters of the Pechora Sea proved the “significant oil potential of the Timan-Pechora province on the shelf and became the basis for continuing the study and development of the region.”

The firm reportedly controls sums of 28 offshore licenses in the Arctic, eight of them in the Pechora Sea.

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