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Exclusive Pacific Exploration Rights For Russia

12.03.2015 11:06

Russia has acquired the exclusive right to explore ore mineral resources in a section of the Pacific bed totaling 3,000 square kilometers, which is located near the Magellan Seamounts Range, sources said.

The contract was signed between Russia and the International Seabed Authority in New York earlier this week, according to Russian Deputy National Resources and Ecology Minister Denis Khramov.

He explained that the 15-year contract stipulates that Russia could explore the cobalt-rich ferromanganese crust in the allotted parcel, which may yield an estimated 30-35 million tons of ore.

"The area granted to Russia includes 150 blocks, which have an area of 20 square kilometers each and which are located at a depth of about 5,000 kilometers in international waters," Khramov said.

Russia's Federal Agency for Subsoil Use, Rosnedra, has suggested that energy giants Rosneft and Gazprom cooperate on the development of technologies for oil and gas exploration in the Arctic Shelf, the agency's deputy head Orest Kasparov said Thursday.

He added that thus far, there have been no technologies capable of extracting mineral resources at such a depth.