Russia (Rosneft) and the USA (ExxonMobil) strike oil in Arctic well

Aleklett's Energy Mix


News is spreading around the world that Rosneft and ExxonMobil have been successful in their joint effort to find oil in the Kara Sea up in the Arctic. Personally, I am doubtful that we should produce this oil but now that the oil appears to exist there we must place it in our global energy system. From the headlines spreading around the world one can get the impression that the discovery will change the future of oil production. In the discussion below I will use the information form an article in the Financial Times, ”Rosneft and ExxonMobil strike oil in Arctic well”, and also an article from Bloomberg News, “Russia Says Arctic Well Drilled With Exxon Strikes Oil”.

In the article from Bloomberg News, it is stated that the discovery is of 1 billion barrels while the FT articles puts it at 100 million tons of oil (~…

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