Arctic Exploration by Russia’s Rosneft

With geopolitical tensions strife across the globe, news of Rosneft’s Kara Sea well result makes for an interesting diversion. The firm announced the “northernmost well” in history. The area in question is said to contain more oil and gas than the Gulf of Mexico. Apparently, more drilling results will be needed over time to confirm or adjust the resource projections. See a Seeking Alpha article of mine for more detail and indications of Russia’s Arctic passageway infrastructure build out.

The Moscow Times says:

“The first oil was extracted. It is an astonishing sample of light oil, which based on the results of the analysis performed, is comparable to Siberian Light oil,” [CEO] Sechin said in a statement on Rosneft’s website. He said Rosneft would like to call the discovered field “Pobeda,” Russian for victory…But it was not yet clear whether commercially viable quantities of oil could be recovered from the well. Rosneft said data from the well will be analyzed and only then could a conclusion be reached on the reserves there.