Russia’s Rosneft At It Again, To Sink Billions More In New Oil Fields

FORBES ^ | July 16, 2013 | Kenneth Rapoza

[KMR]

Guys...remember the Peak Oil debates? They seem to have, well, peaked. Check out all the money Russian oil giant Rosneft is throwing around at global oil supplies these days.

[thackney]

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CEO Igor Sechin — known as the Darth Vader of Russian ex-KGB/state-run business leaders — said Rosneft was ready to invest 1 trillion rubles (about $31 billion) to explore and develop oil fields in eastern Siberia and Russia’s far east over the next five years.

Sechin was speaking to the Russian media during a video conference with President Vladimir Putin.

“In the next five years…our investment in East Siberia and the Far East in a conservative scenario may total 1 trillion rubles,” Sechin said.

Rosneft will invest 52 billion rubles ($1.6 billion) this year in developing its core activities in the Russian Far East, Sechin said, including 27 billion rubles ($830 million) in exploration and production, and 23 billion rubles ($705 million) in refining, Ria Novosti newswire reported on Tuesday.

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