Russian President Dmitry Medvedev has signed a law giving the Kremlin the right to handpick the companies that will drill for oil on its Arctic continental shelf. The new measure effectively narrows the eligible companies to two Russian energy firms, Gazprom and Rosneft, because it requires that the companies be state-controlled and have at least five years’ experience working on the country’s continental shelf. Leaving the decision up to the Kremlin bypasses the customary process of selecting firms through auctions or tenders. But the deputy prime minister overseeing Russia’s energy industry said, “The continental shelf is our national heritage. This was done consciously to ensure rational use of this national wealth.” The move by the Kremlin is the latest in a series of maneuvers by Arctic nations as they position themselves to develop resources that will soon be accessible because of disappearing sea ice.
Kremlin Will Select Firms To Develop Russia’s Arctic Oil Reserves
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