The final decision on granting private oil companies the right to operate on the Arctic shelf has not been made, said Russian Presidential Press Secretary Dmitry Peskov.

“Still, the government has the final say. As far as I understand, no final decision has been made yet. All points of view are taken into account there, this is a normal work process,” RIA Novosti reports the words of Mr. Peskov.

He recalled that the topic of allowing private oil companies to work on the shelf has been discussed for the last three or four years, there are completely different points of view on this matter, and all of them are reasoned. Dmitry Peskov emphasized that it is necessary to wait for the decision made by the government.

Earlier it became known that the Ministry of Natural Resources agreed on preliminary conditions under which Russian private oil and gas companies with experience in working on the shelf will be able to gain access to new offshore fields. Consortiums of investors can also be allowed to participate in offshore projects, where foreigners will also be allowed, but consortium participants will have to obtain permission from the state. Experts believe that the amendments will be supported, but the main lobbyist for the changes, LUKOIL, will benefit from them to a greater extent. However, the effect of these proposals should not be expected earlier than in ten years.

Read more about expanding access to offshore fields in the Kommersant article “Experienced private traders will be released into the sea.”

Dmitry Peskov: the final decision on private companies’ access to the shelf has not yet been made