Russians search for Svalbard oil

Murmansk-based company Marine Arctic Geological has conducted seismic prospecting looking for oil on the west side of Svalbard, NRK Nordnytt reports.

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“We have discovered some extremely interesting structures containing hydrocarbons. It’s a very attractive area, geologically-speaking,” says senior company executive Gennadiy Kazanin.

He believes the shelf around Svalbard could contain up to 60 million tonnes of oil.

Norwegian officials have given the nod to seismic shooting in connection with a research programme, but have not opened the area for oil and gas activities.

The Ministry of Petroleum and Energy’s Ole Anders Lindseth believes the Russians’ exploration is not necessarily petroleum industry-related, however.

He tells the broadcaster, “It’s up to them if they wish to use the information to speculate whether there may be structures deeper down.”

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Russians search for Svalbard oil

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