Russia's Sole Offshore Arctic Field To Double Oil Output In 2015

Russia's Sole Offshore Arctic Field To Double Oil Output In 2015
Gazprom Neft plans to more than double oil output this year at the Prirazlomnoye field, Russia's sole Arctic offshore oil project.

Reuters

MOSCOW, April 24 (Reuters) - Gazprom Neft, the oil arm of Russia's top natural gas producer Gazprom, plans to more than double oil output this year at the Prirazlomnoye field, Russia's sole Arctic offshore oil project, the company said on Friday.

Last year, oil production at the field totalled 300,000 tonnes.

Development of Russia's offshore Arctic riches has been hampered by Western sanctions over Moscow's role in the Ukrainian conflict.

Russia's top oil producer, Rosneft, has postponed exploration drilling in the Kara Sea after its partner, U.S. company ExxonMobil, suspended its participation in the project due to sanctions.

Gazprom Neft has also been exploring another Arctic offshore oilfield, Dolginskoye, where it drilled its fourth exploration well last year.

In 2014, Gazprom Neft's total hydrocarbon output rose by 6.4 percent to 66.3 million tonnes of oil equivalent.

(Reporting by Vladimir Soldatkin, editing by Elizabeth Piper)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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