Lukoil and ConocoPhillips Plan to Increase Oil Production in the Arctic Zone of Russia
Posted on: Wednesday, 9 November 2005, 09:00 CST
Lukoil (Russia) and ConocoPhillips (CP) (USA), oil concerns, plan to increase the volume of oil production in the Arctic zone of the Timansk and Pecorsk region to 23 mil/y tonnes by 2015. The volume of the production should increase to 12.3 mil/y tonnes in 2005 compared to 11.7 mil/y tonnes in 2004
. Lukoil and CP must invest nearly USD 7 bil in the project together. Norway has been negotiating co- operation in the Barents Sea for a long period. In Oslo, Norway, strong voices against the exploitation of oil and natural gas in this region have appeared. According to the opponents of the exploitation, the Barents Sea is the irrecoverable fish storage of Europe.Source: Access Czech Republic Business Bulletin
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