According to Alexey Fadeyev, 73% of all oil deposits found in the Arctic are located in Russia, but the geological study of the Arctic shelf does not exceed 10%

MURMANSK, October 16. /TASS/. The hydrocarbon reserves of Russia's Arctic shelf will last for at least 200 years of production at current annual volumes, Professor Alexey Fadeyev of the Higher School of Industrial Management at Peter the Great St. Petersburg Polytechnic University told TASS.

"The Russian Arctic shelf's hydrocarbon reserves are estimated at 100 billion tons in oil equivalent. The Russian Federation produces about 500 million tons of oil a year. Thus, the current hydrocarbon potential of the Arctic shelf means production within 200 years. Sure, it is important to understand these are forecast estimates, but they point to a foothold to have an approximate outlook," he said.

According to him, 73% of all oil deposits found in the Arctic are located in Russia, but the geological study of the Arctic shelf does not exceed 10%, which means the timing may be adjusted both upward and downward, as it will be necessary to assess hydrocarbon production's cost and rationality when using future technologies, as well as to minimize the impact on the environment. However, the greatest discoveries of hydrocarbon deposits, if made in the future, will be right in the Arctic.

"It is worth paying a special attention to the hydrocarbon potential of the Arctic Zone's onshore part. For example, the Bazhenov Formation - oil-bearing formations of more than 1 million square kilometers at a depth of more than 2,000 - 3,000 meters in the Arctic, in particular, in its West Siberian part. The Bazhenov Formation contains Russia's most oil shales that contain solid organic matter, kerogen, and low-permeability liquid light oil," the professor said.

The Bazhenov Formation's recoverable resources, according to various estimates, range from 10 to 60 billion tons. For comparison, worldwide oil reserves are estimated at about 240 billion tons. Traditional oil production technologies, the expert continued, can extract only about 30% of raw materials in a reservoir, where about 70% of oil remains there, and it is much more difficult to extract it as more advanced technologies are need to be used. Thus, in the future, it will further increase the amount of recoverable reserves.

"The projects, being implemented in the Russian Arctic, are truly impressive. Russia owns the first and so far the only project for commercial oil production in the harsh Arctic conditions off the Prirazlomnoye platform, which is the flagship of Russia's oil and gas complex in the Arctic. Despite the sanctions restrictions, Russia has been actively implementing gas liquefaction projects - Yamal LNG and Arctic LNG-2, which have initiated a large-scale gas liquefaction program in the Arctic. They make significant contribution to achieving the country's strategic goal to produce 100 million tons of LNG by 2030," the scientist added.

The Arctic shelf's hydrocarbon potential is Russia's competitive advantage, allowing the country to pursue its own energy policy, and to remain a key player in the global geopolitical energy market, the expert said in conclusion.

Arctic hydrocarbons reserves may be sufficient for 200 years production -- expert