Natural resources
LUKOIL hopes for development license in Arctic shelf waters
© RIA Novosti. Maksim Blinov

LUKOIL hopes for development license in Arctic shelf waters

In an interview with Rossiya 24 TV, LUKOIL CEO Vagit Alekperov expressed hope that the company would be allowed to begin development work on the Arctic shelf.

"Being a private company, our activities are restricted to the Caspian, Baltic and Azov seas. Only state-owned companies — Gazprom and Rosneft — are licensed to operate in the Arctic seas, in deep waters," according to Alekperov. He added that LUKOIL has been accredited as a Class A operator in Norway.

"We have been certified as a Class A operator in Norway. In our country, however, our activities can be restricted by law. We hope that we will be given this opportunity [to develop the Arctic] in the future," Vagit Alekperov said.

The LUKOIL CEO also noted that "Russian law meets the highest standards and promotes investment in Arctic shelf projects."