Under present federal regulations, access to the Arctic shelf is restricted to state-owned companies such as Rosneft and Gazprom with a minimum of five years’ experience in offshore operations.
Russia’s largest privately owned oil company, Lukoil, has long been pressing for a slice of the Arctic action, with chief executive Vagit Alekperov criticising state companies for sitting on their hands after being awarded licences in the region – often without a tender taking place.
Russia’s
