OREANDA-NEWS. Oil & Gas Russian officials claim Arctic shelf to be RF's property. A preliminary analysis of “Arktika – 2007” expedition’s results shows that Lomonosov ridge is a part of RF's continental shelf, as it corresponds to world analogues of continental crust in region, Veles Capital investment company with reference to RF’s ministry of natural resources reports. First data was collected on September 20; according to the geological mission, a documents portfolio to designate location of external border of RF’s continental shelf is to be received by Russia’s ministry of natural resources December 2007. Science research was conducted in the context of Russia’s legal application to confirm external border of continental shelf in Arctic and Pacific oceans for 2007-2010.

Cameral treatment of the acquired research stuff and preparation of additional documents for UN commission on borders of continental shelf is currently in progress. If Russia is able to prove its rights for over than 1 mln sq meters of ocean shelf from Chukotka to Kolskiy peninsula, then the country may have a possible gain of approximately 9-10 bln tons of potential fuel.

In the words of the experts, large and partially state companies may expect getting access to this deposit, which is obviously good for companies’ capitalization, mostly due to increase of reserves backed by a general slowing of extraction of oil plus the growth of reserves in most of oil companies.