With $50 p/b many Arctic projects become unprofitable. We will save nature but will be low in pocket.

15 january 2015 | RBC-TV

Major oil companies give up projects which are worth billions due to the oil price fall. British "Premier Oil" stopped the project on oil extraction on Falkland Islands, Norwegian "Statoil" gives back license on mine fields’ study in Greenland. BP announced a staff reduction by 300 people in their North Sea Division. Russia will have to put on hold the Arctic development, according to government analysts.

Leonid Grigoryev
Leonid Grigoryev
Chief Adviser to Head of the Analytical Center

"Russian companies due to the devaluation experience equipment prices’ rise, and the prospects are vague, so we have to leave very expensive oil.  The world will reduce this sector even more as many projects become unprofitable due to the price $50. Therefore, it is possible that we will save nature but will be low in pocket”, commented on the situation to RBC-TV the Chief Advisor to the Head of the Analytical Center Leonid Grigoriev .

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