Chevron lobbies Russia for access to Arctic oil

March 02, 2012 | 08:53

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US giant Chevron held Arctic oil exploration talks in Russia on Thursday after Prime Minister Vladimir Putin hinted that Moscow may let private firms access the fields to help boost development.

A Chevron gas station in Alameda, California on January 29. The US giant held Arctic oil exploration talks in Russia on Thursday after Prime Minister Vladimir Putin hinted that Moscow may let private firms access the fields to help boost development.

Russia's natural resources ministry said its deputy chief Denis Khramov and Chevron's Russia president Andrew McGrahan discussed "incorporating the advanced experience" foreign oil companies have in Arctic exploration.

"Your country has enormous reserves and the absence of large projects in the Russian Federation is a big gap in our portfolio," the ministry quoted McGrahan as saying.

No agreements or details were announced by either party.

The meeting came just days after Putin observed that Russia's current policy of allowing only state-controlled companies access to Northern Sea development projects was "slightly holding back production development."

Chevron has struggled to establish a foothold in the Russian market and recently pulled out of a difficult project to produce oil jointly with state-held Rosneft in the Black Sea field.

Rosneft has since said it was willing to work with Chevron and other Western companies in Arctic oil development.

The Russian producer last year struck a deal with ExxonMobil to develop three gas fields it has in the Arctic after dropping a deal with BP because of the British firm's local boardroom disputes.

AFP

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