Rosneft announces Kara comeback
Sechin confirms drilling has restarted in the Russian Arctic shelf, despite high costs and ongoing sanctions
Russia’s Rosneft has resumed drilling in the high-cost Arctic Kara Sea after a six-year hiatus, its CEO Igor Sechin announced in mid-August. The move comes despite the company making steep cuts to its upstream spending in response to the pandemic and its economic impact. Interest in Russia’s Arctic shelf reached a new high in September 2014, when Rosneft and its US partner ExxonMobil made the Pobeda oil discovery in the Kara Sea. By Rosneft’s estimates, the find held 130mn t (953mn bl) of valuable ultra-light oil and 422bn m3 of gas. A week after its announcement, though, Washington and its allies slapped sanctions on Russia for its annexation of Crimea, prohibiting Western firms from the co
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
