Expert: Russia not ready for Arctic shelf exploration financially

MOSCOW, Mar 12 (PRIME) -- Russia is not ready for Arctic shelf exploration financially due to high prime costs of shelf works and the lack of technologies, Gennady Schmal, head of the Union of Oil and Gas Producers, said during a roundtable conference on Thursday.

“There should be researches, studies, particularly geodetic studies, but we should not hurry with significant, large-scale exploration on the shelf,” he said.

“We are not ready for this either technically or technologically and, above all, economically.”

Shelf drilling costs U.S. $50–70 million, the expert said, adding that it must be taken into account when choosing most important exploration projects.

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