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IAGO Limited: Russian Arctic Oil

03-22-2012 03:37 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: IAGO Limited

Located in the Pechora Sea, oil drilling is planned to start in March at the first permanent offshore oil platform named the Prirazlomnaya platform. The platform was tugged from Murmansk to its designated place in the Pechora Sea in August and positioned in the oil field located in the eastern part of the Pechora Sea about 60 kilometers north of the Nenets Autonomous Okrug.
“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.
Company documents show 534 employees working on the Prirazlomnaya platform. Three oil vessels from Murmansk are ready for transporting equipment necessary to keep the platform running.
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.

IAGO Limited
Suncor Energy Centre 2845 150, 6th Avenue SW, Calgary, Alberta, T2P 3Y6, Canada
press@iagolimited.com
Phone Number: +18663417011
Tim Black

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