Russia set to dominate Arctic drilling by 2030

ExxonMobil and Rosneft JV Kara Sea

ExxonMobil and Rosneft JV Kara Sea

Arctic drilling: By 2030, Russia will be extracting 55% all hydrocarbons being drilled from the Arctic, according to the latest forecast from the World Petroleum Council (WPC). Russian oil production on its segment of the Arctic shelf will grow by 360% from 600,000 to 2.2m boe per day over the next 15 years, the WPC predicts. Elsewhere, production will increase at an even greater rate of 440%, albeit from a lower base. Norway’s daily production set to increase from 100,000 to 700,000 boe per day; Canada’s from 200,000 to 900,000; and the USA’s from 100,000 to 150,000.