Moscow: The Kremlin might give Lukoil the green light to start drilling in Arctic waters.
The moves comes after the Russian government said it is looking to open up the Arctic shelf for private companies. This could open up for Russia’s biggest private oil producer, Lukoil.
The key projects in the Arctic are controlled by Rosneft and Gazprom, both of whom have been hit hard by sanctions imposed on the US. This pair are the only two who have licenses to operate in Russian Arctic waters as federal legislation allows only state-owned companies permission to operate so far north.
Now however the government supports softening the strict regime of permission to work on the shelf as the state owned companies are not managing to perform as planned.
There are 137 licenses for shelf development with 40 of these owned by private companies, given before the legislation was changed in favour of state companies.