The Arctic Frontier - Armed with Cooperation
... following the anticipated increase in shipments via the Northern Sea Route. To cite some top figures we expect to see 15 million tons of transit cargo pass here, 10 million tons of crude oil pass from Noviy Port and 15 million tons of LNG pass from Yamal LNG facility, where construction of a new Port Sabetta is in full swing. As Vasiliy Bogoyavlenskiy from RAS outlined, Russia is in a good position in the Arctic as it extracts 3.5 times more than all other nations combined and is gaining vital experience, as 2/3 of it is located under permafrost that sooner or later will need to be developed. It is also a positive sign as both the Gulf of Mexico and North Sea locations are now declining, which means that offshore production will need to shift somewhere with its rigs. It is unlikely ...