Russia will be able to replace western oil and gas companies with other investors

Russia will be able to replace western oil and gas companies with other investors. It was said on the forum on energy efficiency and energy saving ENES-2014 by the minister for energy of the Russian Federation Alexander Novak. As he informs, in the case if western oil and gas companies decide to leave projects in Russia, they will be replaced with partners from those countries that did not join to sanctions against Russia.

As the minister notes, the talk is about investors that are busy in projects on oil extraction, first of all, extraction of difficult reserves in the Arctic and also deep water shelves. At that he notes that the ambiguous situation was formed among foreign partners towards oil and gas sector of Russia as the companies themselves express interest to continuation of cooperation. In any case, as Alexander Novak says, the Russian side intends to continue fulfillment of its projects on the shelf – whether together with foreign partners or by own forces.
As we should note, in the Arctic there are about 13 percent of world oil reserves, in the Russian part of the region there are 106 milliard tons of oil equivalent.