Russia has big plans for Siberia. There, the Bazhenov shale formation is estimated to contain more than a trillion barrels of oil and nearly two quadrillion cubic feet of natural gas. But sanctions put in place in the aftermath of Moscow’s aggression in Ukraine, along with plummeting oil prices that have forced oil companies to cut capital expenditures, have put the kibosh on development in the forbidding region. Sanctions have also made it difficult for these new Arctic projects to secure financing, and as the WSJ reports, that’s threatening to scupper the construction of a massive LNG exporting facility on …read more
Source: The American Interest
