According to RT, Russia is maintaining its initial platform in the Prirazlomnoye arctic field and is estimating the future of the station as far as 7 years from now. Although this operation is technically under sanctions from both the United States and the European Union, the platform is estimated to produce more than 110,000 barrels of oil by 2021, with its output increasing by more than 2 percent this year alone.
This is an important project for Russia and oil company Gazprom Neft, because it's the first rig in the region and has been specifically designed to survive in extreme cold temperatures. The rig has achieved a milestone earlier this month by producing a million barrels of oil.
A piece in Oil and Gas Technology quoted the chairman of Gazprom Neft's executive board, Alexander Dyukov, who explained the significance the platform holds for future arctic endeavors. Even if the company continues to be sanctioned, it will likely still endeavor to work in the area.
"Gazprom Neft is the first company to extract oil on Russia's Arctic shelf," he said. "Gazprom Neft plays a leading role in developing oil deposits on the Arctic shelf and we can build on this experience for new Arctic projects in the future."
While Gazprom Neft is not the only company targeted by the most recent rounds of sanctions, it does show some of the ambition that Russia has in its plans to continue exploring the Arctic. Other companies looking to get the most out of their oil projects in this region need oilfield insurance that protects their work from exposure and other area dangers.