Foreign Investors Show Interest in Development of Russian Arctic Shelf Oil Fields

Investors are showing considerable interest in the development of oil fields in the Russian Arctic shelf. This was announced on Echo Murmansk radio station by Head of Offshore Operations for the Russian Ministry of Natural Resources Rinat Murzin. Mr Murzin said that during President Putin's visit to Norway on November 12 the possibility of a Norwegian company taking part in the development of hydrocarbon deposits in the Barents Sea had been discussed. Mr Murzin said that several Norwegian companies had already shown an interest in the projects in the Russian Arctic shelf.

Governor of the Murmansk Region Yuri Yevdokimov, who is currently in Oslo, also expressed his hope that Norwegian companies would contribute to the development of oil and gas fields in the Russian Arctic shelf. 'When developing and transporting hydrocarbon resources it is important to maintain ecological standards and warn about any possible pollution,' Yevdokimov emphasised.

The international conference 'Oil and Gas in the Arctic Shelf' is currently being held in Murmansk.This conference is the most representative gathering of its kind for the last 10 years. Of the 270 participants 68 are representing foreign companies.

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