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Safety, Cost Meet Head On in Arctic Oil Race

By Irina Filatova / The Moscow Times

... States — competing with Russia for the Arctic's offshore reserves. "The ice thawing creates favorable conditions for business," Lukin said. Risky Venture Russia's first step in tapping the vast Arctic resources is exploration of the Prirazlomnoye oil field in the Barents Sea with estimated reserves of 72 million tons. The work — to be started by Gazprom this year — will be conducted from the Prirazlomnaya platform, Russia's first oil-drilling platform designed for offshore...

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