Many decades ago when I was still a starry-eyed dreamer I also thought that just having an oil reserve on its national territory is like having the money in the bank. How wrong I was. Little did I know about the different drilling costs depending on depth, reserve properties, geolocation, and what else. Little did I concern myself with the figures of refining and transporting crude. Just because it’s there does not mean you make money lifting it.
Developing the Russian Arctic’s vast oil and gas resources poses significant climate, geological and logistical challenges