Chevron in move to tap into Russia’s Arctic oil

US oil major Chevron has held talks with a Russian government official in a bid to exploit some of the country’s Arctic oil reserves.

The reserves are currently off limits for non-state corporations, but Russia’s Ministry of Natural Resources said the situation is under review. The statement came a day after Russian Prime Minister Vladimir Putin said he intended to free up access to the Northern offshore fields.

“Your country owns giant reserves, and absence of significant projects in the Russian Federation is a huge gap in our portfolio,” Andrew McGrahan, president of Chevron Neftegaz, told officials.

McGrahan met the deputy minister Denis Khramov to discuss the operations of oil companies in Russia.

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