Russia announces new drilling in the Arctic and Caspian Sea

Russia announces new drilling in the Arctic and Caspian Sea

Emilio Fabio Torsello
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Investments will be made in the operation of the Vostochno-Messoyakhskoye and Filanovsky oilfields with the involvement of three companies: Gazprom, Rosneft and Lukoil

A 1.32 billion USD investment in one of the Arctic’s largest oilfields was announced by Russian president Vladimir Putin during a teleconference in the presence of Gazprom and Rosneft CEOs Alexei Miller and Igor Sechin. The field to be invested in is the Vostochno-Messoyakhskoye field on the Gydan peninsula, in the vicinity of Yamalo-Nenets Autonomous Okrug. The plans provide for a total reaching 4 billion dollars in a second wave of investments to be implemented by 2040.
The site will be developed by the Messoyakhaneftegaz company, a joint venture of GazpromNeft and Rosneft. The Vostochno-Messoyakhskoye site has an estimated maximum output of 5.6 million tons of oil per year by 2020. In 2016, production will reach 577,000 tons.
Also in Russia, the Lukoil company has announced its intention to begin drilling at the Filanovsky oilfield in the Caspian Sea. Here the company plans to spend 13.5 billion USD to develop the site by 2040. The deposit contains at least 1.1 trillion cubic feet of natural gas and 1.1 million barrels of crude oil.