Russia Claims New Arctic Hydrocarbon Finds Effectively Double Nations Reserves -- Oil Price
Russia, currently vying for the title of world's top oil producer with Saudi Arabia, claimed that new findings in its offshore Arctic territories have effectively doubled the nation’s energy reserves.
According to numerous Russian media reports, addressing a meeting of the sixth media forum of the United Russia Party on 25 September, Russian Natural Resources Minister Iury Trutnev said that the preliminary forecast is that resources in the Russian Arctic shelf are comparable to those in mainland Russia, adding, “Speaking of long-term planning, these reserves could last 100, may be 150 years, but longer is unlikely. Humanity will eventually have to look for new energy anyway. Recently, we completed 40-year talks with Norway, delineated the gray zone, and now obtained another 5 billion tons of fuel equivalent there.”
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WNU Editor: Canada is now starting to lay claim to major portions of the arctic, and Russia .... on the heels of this major oil/gas announcement on reserves in the arctic .... are bolstering their arctic military presence.
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