Interfax: Lukoil Proposes Financing Arctic Geological Surveys

MOSCOW - OAO Lukoil Holdings, Russia's second-largest oil producer, has proposed investing $2.7 billion in geological survey work on Russia's Arctic shelf, Interfax cited a company spokesman as saying Thursday.

The company sent applications to the government at the start of October expressing readiness to carry out surveys at four license sectors in the Laptev, East Siberian and Chukchi Seas, Intefax reported.

Under current legislation, only two state-controlled companies--OAO Rosneft and Gazprom--are allowed to own offshore licenses and other companies can enter projects as partners with them. Lukoil and other non-state companies have petitioned the government for access to offshore deposits.

The government is currently reworking its shelf-development program.

Copyright (c) 2012 Dow Jones & Company, Inc.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Contract Administrator
Expertise: Contracts Administration
Location: Chesapeake, VA
Logistics Coordinator & Optimization Analyst
Expertise: Logistics Management
Location: Billings, MT
Associate Category Manager or Category Manager Job
Expertise: Logistics Management|Purchasing|Supply Chain Management
Location: Denver, CO
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours