The last frontier in Russia: Taimyr Peninsula
In the spring of 2017, BP, Rosneft and LUKOIL began drilling expensive exploration wells on the Taimyr Peninsula. The remote region in the Russian north attracts attention with a resource potential of 5 billion boe and a geology similar to that of the prolific West Siberian basin.
But with every step further east, the Taimyr Peninsula becomes more remote. In the Khatanga Bay area, exploration wells can cost up to US$200 million, and exporting oil from new discoveries will be a challenge.