•  “Comparing the [Kara Sea oil] project in terms of a resource base to other projects, we can say for sure that it is highly competitive with the largest resources, such as the resource base of Saudi Arabia, and will by far surpass the capacities of the Gulf of Mexico Shelf, Alaska and Canada.” 

                  — Rosneft Chief Executive Officer Igor Sechin

Sechin believes the offshore Arctic could  hold as much as 87 billion barrels of crude oil.

The Kara Sea is part of the Arctic Ocean north of Russia’s Siberia