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03.06.2015

Lukoil eyes new Arctic oil terminal

The oil company wants to build another Arctic oil terminal, similar to the one in Varandey, but might be stopped by Rosneft.

Russia’s two biggest oil companies are up for a fight for the right to develop the East Taymyr (Vostochno-Taymyrsky) structure, an area located on the northern tip of the Taymyr peninsula near the Russian Arctic coast.

The area in question is located on land and constitutes only a minor share of the bigger  Vostochno-Taymyrsky structure. It is believed however that the company which gets hold of the license will have bigger chances to obtain also other nearby and much richer deposits. Parts of the Vostochno-Taymyrsky is located also offshore.

If Lukoil gets the license to the structure, it might connect it with a coastal terminal the same way it has successfully done in Varandey on the coast of the Pechora Sea, newspaper Vedomosti reports.

In Varandey, several million tons of tons of oil, all of it extracted from the Timan-Pechora province, is annually be exported out through Arctic waters.

However, Lukoil will have to overcome Rosneft before it starts implementing its plans in Taymyr. According to Vedomosti, Rosneft also wants the Vostochno-Taymyrsky license, which it in the future possibly could connect with fields and infrastructure in the Kara Sea.

Russian authorities will announce the winner of the license in early August.

The Taymyr Peninsula is among the most remote and desolate areas in Russia. All infrastructure will have to be built from scratch and the nearest towns are located close to 1000 km away. 

Barentsobserver

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