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Russian Rosneft to invest $400 billion in the Arctic before 2030: CEO

Russia's state-controlled oil company Rosneft will invest $400 billion in the Arctic Region before 2030, its President Igor Sechin said in an interview with the German Der Spiegel magazine on Sunday.

"Our company sets a high value on cooperation with ExxonMobil, which has continued for already 20 years starting from Sakhalin. In the Kara Sea, we are working at such high altitudes where nobody drills at the moment. We expect to open a new oil province there, with reserves comparable to the developed reserves of Saudi Arabia," Sechin said.

On August 9, Rosneft with ExxonMobile started drilling in the Kara Sea, Tass reported earlier. The head of ExxonMobil Russia, Glenn Waller, said in June that if oil and gas were found in the Arctic Region, the company would increase by times investment in its exploration.

ExxonMobil is an American multinational oil and gas corporation headquartered in Irving, Texas.

[Source: Itar Tass, Frankfurt, 31Aug14]

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