Untapped oil, gas shelves not to go to foreign companies

Arctic shelves not currently being developed by state oil and gas giants Rosneft and Gazprom will not be auctioned off to private companies, according to a document published on the Russian government’s website

Arctic shelves not currently being developed by state oil and gas giants Rosneft and Gazprom will not be auctioned off to private companies, according to a document published on the Russian government’s website.

The fields will be incorporated into a special reserve fund being set up as part of a broader national security strategy for developing the Arctic under development by the Ministry of Natural Resources.

The Ministry also plans to include several oil and gas fields on land (containing total oil reserves of around 70 million tons), but the bulk of the fund will consist of offshore fields.

All rights reserved by Rossiyskaya Gazeta.