IAGO Limited: Russian Arctic Oil
“The most important task right now is to prepare the drilling complex”, says Vice General Director of Sevmash Valery Borodin in a press release. “We are also improving the power supply on the platform by installing a third turbine”, he added. IAGO Limited reports the platform is surrounded ninety percent with ice with a thickness of up to 50 cm which is common in this arctic region.
GazpromNeftShelf, a daughter company of Gazprom, holds the drilling license for the Prirazlomnoye oil field. The field contains 72 million tons of oil reserves enabling to achieve the annual production level of 6.6 million tons.
IAGO Limited is heavily involved in the exploration and development of commercial oil and gas projects with a direct focus on offshore and deep water drilling projects. The global economy is always changing, but demand for oil and gas is ever increasing. World economic events over the last few years have dramatically increased the price of oil and gas. Many areas of exploration and production that were once considered too expensive are now accessible for company project expansion due to technological advances.
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