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Gazprom Neft plans to ramp up production in the Arctic region (Russia)

25 Mar 2020

Gazprom Neft plans to increase oil production at the Novoportovskoye (Novy Port project in the Russian Arctic from 7.7 Mt in 2019 to 8 Mt in 2020 (+4%). The Novoportovskoye oil field is one of the largest oil and gas condensate fields under development in the Yamal Peninsula, with recoverable reserves reaching 250 Mtoe of oil and condensate and 320 bcm of natural gas. In addition, the company intends to build three additional wells a the Prirazlomnoye offshore field, in the southeastern part of the Barents Sea, where there are already 19 existing wells. Its oil reserves are estimated at 79 Mt.

More than 30% of Gazprom Neft’s oil production was extracted in the Arctic region in 2019.

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