Russia’s Rosneft To Move into the Arctic

The Moscow Times reported that Rosneft Oil Co. (OTCMKTS:RNFTF), Russia’s largest oil company, will begin drilling for oil in the Arctic shelf this year. This follows earlier statements from Rosneft that it will be focusing its future exploration work on off-shore projects, according to the Times.

As quoted in the publication:

Rosneft will be following in the footsteps of Gazpromneft, the oil arm of Russia’s gas monopoly Gazprom, which began pumping oil in the neighboring Pechora Sea in December. That project generated a storm of publicity last fall when 30 activists and crew of a Greenpeace ship were jailed after getting too close to Gazpromneft’s drilling rig during a protest.

Click here to read the full Moscow Times article.