TAPPING Russia's oil and gas resources in the Arctic Circle is an increasingly important part of its long-term strategy as an energy supplier. Faced with flat gas demand growth in Europe, Russia is turning to energy-hungry Asia as a vital new market for its oil and gas and its Arctic reserves are well placed to deliver. Russia has bold plans to establish new markets in Asia while keeping its oil output above 10 million barrels a day (b/d). The government's draft energy strategy to 2035, released in January, calls for Russia's oil output, already the world's largest, to remain steady for the next two decades and for a surge in energy shipments to Asia. The plan suggests Asia will soak up almost a quarter of Russian energy exports by the end of the forecast period.
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