Yevgeny Primakov (Russia need to pause the development of the Arctic oil fields

Yevgeny Primakov (Russia need to pause the development of the Arctic oil fieldsChanging patterns in the world economy can deliver a serious blow to the Russian budget, as half of his income has its source of energy. On most fields production profitable even at current oil prices, but from forcing development on high-cost Arctic fields now would be abandoned. This opinion was expressed by President of the mercury club, academician Yevgeny Primakov, correspondent .At the club meeting, he noted that an acceptable return on most wells can be obtained at $60 per barrel, and in Western Siberia mining profitable and at $25. But on the Arctic shelf profitability of production is ensured only at the price of $100-120 per barrel."Whether we can boost production at the shelf Ice of the ocean? Why, with all the importance of this region for Russia not to pause in the development of the Arctic oil and gas fields? This pause has already done some of our competitors. The US has drilled the last hole on the Arctic shelf in 2003, Canada in 2005," said Primakov.According to him, this pause will provide increased oil and gas production in Eastern Siberia, in other regions of the country. "We are not talking about this, and about the changing structure of the economy that keeps Russia from direct dependence on commodity exports and will help to speed up technological progress. This does not necessarily reduce the production and export of raw materials.

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