Russian plans for Arctic oil exploration face delays

摘要

St Petersburg—Russian plans for the further development of the vast oil and gas resources in its sector of the Arctic are being delayed by low oil prices and western sanctions, Russian officials said Tuesday. There is just one producing project in the Russian Arctic as of now, the Prirazlomnoye field launched by Gazprom Neft in 2014, which is expected to produce a total of 600,000 mt (12,000 b/d) this year.