26 Dec '14, 5pm

#peakoil Russia called on to suspend arctic oil ambitions: The Russian branch of the World Wide Fund for Natur...

Russia called on to suspend arctic oil ambitions The Russian branch of the World Wide Fund for Nature said Russia needs to suspend exploration and production efforts in the arctic because of low oil prices. At a press summit organized by the Russian Natural Resources Ministry, WWF Director Igor Chestin said it was time to halt ambitions in the Russian arctic . “We need to declare a 10-year moratorium on oil and gas exploration in the arctic,” he said. “At current oil prices, these projects are absolutely unprofitable.” U.S. energy company Exxon Mobil has a partnership with Russian oil company Rosneft for work in the arctic waters of Russia. With Western sanctions impeding developments, the Russian government has placed a greater emphasis on domestic exploitation of arctic reserves. Low crude oil prices have starved major energy companies of the capital they need to fund ex...

Full article: http://peakoil.com/publicpolicy/russia-called-on-to-suspe...

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