Lukoil proposes financing Arctic geological surveys

10/26/2012

Lukoil proposes financing Arctic geological surveys

BY JAMES MARSON

MOSCOW -- Lukoil, Russia's second largest oil producer, has proposed investing $2.7 billion in geological survey work on Russia's Arctic shelf, Interfax cited a company spokesman as saying.

The company sent applications to the government at the start of October expressing readiness to carry out surveys at four license sectors in the Laptev, East Siberian and Chukchi Seas, Intefax reported.

Under current legislation, only two state controlled companies Rosneft and Gazprom are allowed to own offshore licenses and other companies can enter projects as partners with them. Lukoil and other non state companies have petitioned the government for access to offshore deposits. The government is currently reworking its shelf development program.

Dow Jones Newswires

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