Russia in '$1tn Arctic investment bid'

Tapping cash: Russia for Arctic exploitation

By Steve Marshall and news reports

 21 September 2012 14:29 GMT

Russia is reportedly set to launch a major marketing campaign next month aimed at attracting major investments to develop projects on the country’s Arctic offshore shelf, as well as in East Siberia.

Minister of Energy Alexandr Novak told Russian publication Vedomosti the charm offensive will target foreign investors and is geared to luring investment of as much as $1 trillion by 2020, the Barents Observer reported.

The country aims to significantly boost the current offshore share of overall production from the current 5% to 6% to between 20% and 30%, the minister said, to offset increasing depletion of veteran producing fields in the West Siberia onshore patch.

However, it is heavily dependent on foreign funding, technology and expertise to exploit potentially vast hydrocarbon resources in the Russian Arctic, where any discoveries would be…

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