Putin launches commercial operation of the Arctic’s largest oilfield

Russian President Vladimir Putin launched the commercial operation of the Vostochno-Messoyakhskoye oilfield via teleconference on Sept. 21.

Russian President Vladimir Putin launched the commercial operation of the Vostochno-Messoyakhskoye oilfield via teleconference on Sept. 21.

Kremlin.ru
Vostochno-Messoyakhskoye field is a joint venture of Rosneft, Gazpromneft

Russian President Vladimir Putin launched the commercial operation of the Vostochno-Messoyakhskoye oilfield via teleconference on Sept. 21. The launching ceremony of the largest drilling project in the Arctic was attended by Gazprom CEO Alexei Miller and the CEO of Rosneft, Igor Sechin, who took part from the Vostochno-Messoyakhskoye field. 

Investment in the development of Vostochno-Messoyakhskoye, which is located on the Gydan Peninsula in the Yamalo-Nenets Autonomous District, will amount to about 85 billion rubles ($1.32 billion) by the end of 2016 and is expected to increase to 256 billion rubles ($3.97 billion) by 2040, according to the press release announcing the launch.

The company Messoyakhaneftegaz, a joint venture of Rosneft and GazpromNeft, owns the license for the development of the field.

According to the press release, the Vostochno-Messoyakhskoye oilfield is scheduled to reach its production peak of 5.6 million tons of oil per year by 2020. "Oil production in 2016 is expected to be 577,000 tons," the press release said.  

Source: TASS

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