Russiaâs Arctic offshore opportunities

Russia holds the largest share of estimated Arctic offshore petroleum resources, and is set to lead the way in the region. This summerâs planned drilling in the Universitetskaya structure in the Kara Sea by Rosneft and ExxonMobil is this yearâs most high-profile petroleum event in the Arctic; it is attracting great interest due to the high resource estimates for the area. However, only a large oil discovery will be sufficient to justify the costs of development and of necessary infrastructure in the harsh weather conditions of the ice-covered Kara Sea. There is also potential for Arctic petroleum development in the previously disputed area between Norway and Russia, in the Barents Sea; this could contribute to the fulfilment of Russiaâs Arctic offshore ambitions