Why huge oil deposit discovery on Russian shelf in Arctic could bring some cheer in India

Russian energy major Rosneft has announced the discovery of a huge oil deposit on the shelf of the Pechora Sea flowing from the Ural Mountains to the Arctic Ocean in the northwest of Russia.

Containing an estimated 82 million tonnes of oil, it is believed to be one of the largest discoveries on the Russian shelf in recent times.

“The field was discovered based on the results of drilling a prospecting and appraisal well at the structure of the same name in the Medynsko-Varandeysky license area. The work was carried out by specialists from RN-Bureniye and RN-Shelf-Arktika (part of Rosneft) using advanced Russian equipment and in accordance with the highest standards of industrial safety and environmental protection. The resulting oil is light, low-sulfur, low viscosity," the company said in a statement recently.

As geological explorations continue in the region, the latest discovery comes at a time when the Western countries remain committed to phase out dependency on Russian energy, including by phasing out or banning the import of Russian oil, due to the ongoing conflict in Ukraine.

Read more