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Tags: Russia | Arctic Circle | oil | drilling

LIGNET: Russia Taps Arctic Oil, Leaving Rivals in Its Wake

The Prirazlomnaya drilling platform, owned by Gazprom, is towed to its home in the Pechora Sea. The Arctic region is estimated to hold 90 billion barrels of oil and 1,669 trillion cubic feet of natural gas, according to the US Geological Survey. (Gazprom)

Tuesday, 22 April 2014 03:42 PM EDT

As Western nations struggle to appease environmentalists, Russia is moving fast to tap huge oil and gas deposits in the Arctic Circle, making its first oil shipment from an offshore drilling platform in the Arctic Ocean on April 18.

Moscow is likely now to attempt to fortify its dominant position in the icy region in a bid to protect its interests.

Click HERE to read an exclusive analysis by LIGNET's top intelligence experts.

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