Russia hopes for huge reserves in Barents, eastern arctic basins

Supergiant Shtokmanovskoye gas field, in the Barents Sea, is in the western part of Russia's vast arctic continental shelf.The field lies almost 1,200 km east of the Snøhvit complex off northern Norway.Russian authors have written that 2 million sq km of their arctic shelf are favorable for oil and gas. Assessed resources of this shelf are placed at not less than 700 billion bbl of oil equivalent.Shtokmanovskoye, discovered in 1988, has difficult economics despite its size. Development will involve a $10-20 billion, three-platform project with first gas produced in 2008.With reserves of about 3.2 trillion cu m, the field is in 300 m of water and has a reservoir of Jurassic age ...

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