Support The Moscow Times!

LUKoil Eyes Arctic Block

LUKoil is interested in a large exploration block in the Khatanga area in the Russian Arctic, LUKoil president Vagit Alekperov told Interfax.

The company estimates that drilling one well in this area will cost $100 million to $150 million.

"Therefore, it should, of course, be an area that would make it possible to utilize drilling rigs for many years," Alekperov said. "We're only talking about exploration for now. It's still early to talk about development," he said.

"We are prepared to enter undeveloped regions, so-called backwaters that would enable us to conduct exploration there, because right now exploration in Russia is falling behind," Alekperov said.

Experts say that Khatanga Bay in the Laptev Sea could be among the most promising areas for oil and gas.


… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more