Sea of Okhotsk – Russia (Охотское Море – Россия)

It is currently estimated that 1.2 billion tons of oil and 1.5 billion cubic meters of gas lie beneath the sea.  The western, northern, and eastern sections are all believed to have sizeable hydrocarbon reserves.  Links to my separate entries pertaining to Sakhalin and Magadan are listed below.

Kamchatka Peninsula is believed to have sizeable hydrocarbon reserves.  Rosneft, from 2003 to 2005 had an operating share of the main license block measuring roughly a 15 million acre area, which was estimated to contain 13.2 billion bbl of oil and over 70.6 trillion cubic feet of natural gas.  Up until recently, Gazprom had been lobbying the Russian Federation, specifically the Ministry of Natural Resources, for the licenses not to have been extended, but rather to have been granted to Gazprom.  The latest related Gazprom press release was sent out in August of 2011, announcing preparations for drilling within the western Kamchatka Peninsula.

Peanut Hole [Sea of Okhotsk / Охотское Море]

The peanut shaped section of International water has been dubbed the “Peanut Hole” due to it’s shape.  Located within the enclave of the Sea of Okhotsk (Охотское Море), 300 miles long and 5 miles wide, the Peanut Hole lies outside of the current Russian EEZ but is still managed by Russia.

In 1995, a UN fisheries agreement on straddling fish stocks and highly migratory fish stocks opened for signing.  The agreement changed the traditional “freedom to fish on the high seas” so that governments would have to cooperate in order to regulate high seas fishing.  The Peanut Hole, had been home to large-scale harvesting by vessels of a number of foreign countries.  By the 1990’s, it was estimated that 700,000 tons of pollock per annum were being fished.  After 1995, Russia, under the agreement, was able to and therefore had imposed a moratorium on fishing within the Peanut Hole.

One Response to Sea of Okhotsk – Russia (Охотское Море – Россия)

  1. Pingback: Fukushima and the Japanese LNG market « Arctic Economics

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