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Will the new von der Leyen Commission deliver on climate policy?
Yesterday, during its first plenary session, the newly elected European Parliament confirmed Ursula von der Leyen as President of the European Commis...
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Publish date: December 12, 2005
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In 2006, the company will complete all exploration works at the field, which is located in the eastern part of the Barents Sea. Arktivshelfneftegaz believes the field will be ready for production in 2011. Water depths in the area of the field are only 10-19 meters, the BarentsObserver reported.
Between 2002-2005, Arktivshelfneftegaz invested $50 million in exploration operations in the Barents Sea. Geologists believe the company now has found as much as 300 million tonnes of oil resources there.
The company owns licenses to the development of three fields in the area, the Medynsko-Varandeyskoe, the Pomorskoye and the Kolokolmorskoye.
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