Full steam ahead in new Arctic oil region

Lukoil signs cooperation agreement with regional authorities over the development of the East-Taymyr field. Geological mapping is due to start in 2017.

By Atle Staalesen, January 27, 2016
Independent Barents Observer
Photo: Thomas Nilsen

The cooperation deal signed by Lukoil President Vagit Alekperov and Krasnoyarsk Governor Viktor Tolokonsky includes 350 million rubles, TASS reports. The money will be invested in social development projects in Khatanga, the Arctic town located near Lukoil’s newly obtained license area.
This is a very important project not only for the town of Khatanga, but for the whole region of Krasnoyarsk“, Tolokonsky says, a press release from his regional government reads.
For Lukoil, the East-Taimyr is seen as a gateway to a new and untouched region. Resources in the area could be significant and the company might be interested in developing them in a similar way as in the Timan-Pechora province. There, Lukoil pipelines oil to the terminal of Varandey, from where tankers ship the hydrocarbons to the world markets through the Barents Sea.
The privately-owned company cashed out 1,9 billion rubles for the East-Taimyr license, as much as 600 times higher than the tender starting price.
The license was won in strong competition with Rosneft, Privately-owned Lukoil was first declared winner of the license. However, Rosneft disputed that decision and took the case to court. An appeal court settled the case in December 2015.