Russia to boost Arctic oil licenses for West

Russia is considering a proposal that would allow western companies to not only operate offshore projects in its Arctic waters but to "have access to production" and become "co-owners of the licenses," the Financial Times reported on its website, citing Alexander Novak, the country's energy minister.

Russia is considering a proposal that would allow western companies to not only operate offshore projects in its Arctic waters but to "have access to production" and become "co-owners of the licenses," the Financial Times reported on its website, citing Alexander Novak, the country's energy minister.

No final decision has been taken, Mr. Novak told the FT Only environmentally safe, technologically advanced and financially robust companies would qualify, the FT reported.

Source: World Oil.