Russia-Exxon Strike Oil in Arctic — Billion Barrels Estimated in Kara Sea

Russian state-run oil company Rosneft has just announced that a well drilled with Exxon Mobil in the Kara Sea in the Arctic has struck oil, and the oil field — which has been named “Victory” — is estimated to contain around one billion barrels of oil — larger than the US controlled oil fields in the Gulf of Mexico.

Russia owns two-thirds of the contract and Exxon one third, but Exxon’s involvement is likely to be limited so long as US sanctions (which cover oil exploration) against Russia are in place.

Development of Arctic oil production will be expensive and difficult given the reomote location and harsh climate. Freezing temperatures and Arctic ice mean that shipping is only possible during the short summer months.

Bloomberg reports that Rosneft CEO Igor Sechin states that the well has exceeded expectations and that he sees the discovery of “exceptional significance in showing the presence of hydrocarbons in the Arctic.”

  • Omega Z

    1 billion barrels is a lot oil & money & every little bit helps.
    Now in perspective, the world uses 92.7 million barrels a day.
    1,000,000,000 / 92,000,000 is about 11 days worth of oil

    • Andreas Moraitis

      Apparently, 11 days are considered to be worth risking the destruction of a huge ecosystem.

      • Omega Z

        Note: “is a lot oil & money” About 90 Billion$ at present prices. More when first discovered.

        My point was in the grand scheme, it’s not that much. We need approximately 32 of these finds “every” year to supply present world demand which is expected to continue to increase.
        It is not a sustainable option regardless of other issues.

        • Andreas Moraitis

          Of course money is the driving factor. That’s why the public should be informed about figures like the one you provide, and the possibility of choosing another route. As long as only a few people know about LENR, all the mistakes of the past will be repeated. Not only regarding oil, but as well coal or nuclear fission. Even in countries where the traditional energy sources are seen as problematic, environment will continuously be spoiled by windmill parks and huge power lines. LENR will hopefully change all this, but it is high time that the information about it comes out.

    • bachcole

      Thank for that. It drives me crazy when reporters don’t give any comparison numbers. Did you know that you kill 1,000,000 brain cells every time you drink alcohol, on average? Of course, the reporter didn’t mention that you have 100,000,000,000 neurons and that it would take 100,000 days or 274 years to destroy all of your brain cells if you drank every day, or that thousands of your brains cells die every day for no good reason. I and I hope everyone else will remember that 92,000,000 barrels per day figure, and that each barrel is 55 gallons.

  • Alan DeAngelis

    Good for them. Maybe they’ll find something to do with it after LENR comes online.