Zarubezhneft Near Deal On Arctic Oil

August 23, 2013

The Russian Ministry of Natural Resources this week informed that it has approved Zarubezhneft`s bid for status as eligible shelf operating company. The federal government will in the near future take a final decision on the issue, Minister Sergey Donskoy confirms, reports.

Zarubezhneft`s year-long struggle to get access to rich Russian offshore resources got a boost after the company in 2009 acquired Arktikmorneftegazrazvedka (AMNGR), the Murmansk-based offshore petroleum company.

Russian legislation requires a minimum of five years of experience on the shelf before a company is allowed to engage on the shelf and only Gazprom and Rosneft have consequently so far acquired offshore licenses. With AMNGR as part of its structure, Zarubezhneft has the experience required.

Deputy Minister Kirll Kramov has earlier confirmed that “Zarubezhneft will get licenses on the shelf as soon as the daughter company Arktikmorneftegazrazvedka gets the attestation needed”.

Copyright, Barents Observer, 2013.