ST. PETERSBURG. June 20 (Interfax) - Total operations in Russia's arctic shelf might come to $250 billion-over $400 billion, the president of OJSC Rosneft (RTS: ROSN), Igor Sechin, said at the company's annual shareholder meeting on Wednesday.

"According to a preliminary expert estimate, total operations in the Arctic might require $250 billion-over $400 billion," he said.

Sechin added that the company has been able to get its partners to agree on financing the first stage of geological exploration. The first stage of geological exploration for projects with Exxon will require $3.2 billion, which the U.S. company will largely invest itself.

"This is an enormous amount of money. Eni will pay around $1 billion. Geological exploration for projects with Statoil has the same estimate," he said.

Sechin also said that Rosneft has no plans for operations in Israel's offshore zone. "We're not interested in Israel and its shelf," he said when asked by one of Rosneft's shareholders.

Rosneft has agreed to develop the Russian shelf jointly with three non-Russian companies. Rosneft and ExxonMobil are involved in the development of the former's three licensed fields in the Karsk Sea - Prinovozemelsky 1, 2 and 3, and the Tuapse licensed section in the Black Sea.

Rosneft and Eni are developing Val Shatsky in the Black Sea, and the Fedynskoye and Central-Barents deposits in the Barents Sea.

With Statoil, Rosneft is operating at deposits in the North Sea and Far East waters - the Perseyevsky section, Admiralteisky or Pakhtusovsky structures in the Barents Sea, and one of the Magadan blocks in the Sea of Okhotsk.

Rosneft has yet to secure agreements with partners in the following areas: Magadan-2 and 3, Southern Black Sea, Yuzhno-Russky, and Medynsko-Varandey Sea.

In the early part of April, Rosneft send the main players in the Russian oil sector - Lukoil, TNK-BP, Surgutneftegas (RTS: SNGS), and Bashneft (RTS: BANE) - proposals for the joint development of twelve shelf fields, receiving confirmation of desire to take part in joint shelf projects from both Lukoil and TNK-BP.

Keywords: Russia, Oil, Gas, Energy, Arctic - Russian News - Russia

ST. PETERSBURG. June 20 (Interfax) - Total operations in Russia's arctic shelf might come to $250 billion-over $400 billion, the president of OJSC Rosneft (RTS: ROSN), Igor Sechin, said at the company's annual shareholder meeting on Wednesday.

"According to a preliminary expert estimate, total operations in the Arctic might require $250 billion-over $400 billion," he said.

Sechin added that the company has been able to get its partners to agree on financing the first stage of geological exploration. The first stage of geological exploration for projects with Exxon will require $3.2 billion, which the U.S. company will largely invest itself.

"This is an enormous amount of money. Eni will pay around $1 billion. Geological exploration for projects with Statoil has the same estimate," he said.

Sechin also said that Rosneft has no plans for operations in Israel's offshore zone. "We're not interested in Israel and its shelf," he said when asked by one of Rosneft's shareholders.

Rosneft has agreed to develop the Russian shelf jointly with three non-Russian companies. Rosneft and ExxonMobil are involved in the development of the former's three licensed fields in the Karsk Sea - Prinovozemelsky 1, 2 and 3, and the Tuapse licensed section in the Black Sea.

Rosneft and Eni are developing Val Shatsky in the Black Sea, and the Fedynskoye and Central-Barents deposits in the Barents Sea.

With Statoil, Rosneft is operating at deposits in the North Sea and Far East waters - the Perseyevsky section, Admiralteisky or Pakhtusovsky structures in the Barents Sea, and one of the Magadan blocks in the Sea of Okhotsk.

Rosneft has yet to secure agreements with partners in the following areas: Magadan-2 and 3, Southern Black Sea, Yuzhno-Russky, and Medynsko-Varandey Sea.

In the early part of April, Rosneft send the main players in the Russian oil sector - Lukoil, TNK-BP, Surgutneftegas (RTS: SNGS), and Bashneft (RTS: BANE) - proposals for the joint development of twelve shelf fields, receiving confirmation of desire to take part in joint shelf projects from both Lukoil and TNK-BP.