Russia's USD 231 billion plan for Arctic oil

RUSSIA / FSU POLITICS - In Brief 06 Feb 2020 by Alex Teddy
On February 5 the Russian Government announced a scheme to hugely increase Arctic oil production. Oil companies are being offered inducements to drill north of the Arctic Circle. These are mainly tax cuts - oil production tax will be lowered to 5% for the first 15 years. It is hoped that this will also lead to more sea traffic in that region. USD 231 billion is the maximum estimated price of the investment needed onshore and off. Gazprom and Rosneft are deeply involved. There is a target of 80 million tonnes of shipments through the Northern Sea Route. Russia is almost certain to miss this target.

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