Neptune Field in Russia Sees 1.6-Fold Reserves Increase

Neptune Field in Russia Sees 1.6-Fold Reserves Increase
Russia's Federal Agency for Mineral Resources has confirmed hydrocarbon reserves at Gazprom Neft's Neptune field at 415.8 million tons of oil, the company announces Tuesday.

Russia’s Federal Agency for Mineral Resources has confirmed hydrocarbon reserves at Gazprom Neft’s Neptune field at 415.8 million tons of oil, the company announced Tuesday.

Gazprom Neft said the figure marks a 1.6-fold increase on the original estimate. The field is located offshore Sakhalin Island in the Sea of Okhotsk.

“The Neptune field has become one of Gazprom Neft’s most important assets, in terms of reserves,” Gazprom Neft CEO Alexander Dyukov said in a company statement.

“The Russian Far East is set to become a strategically important new region for our activities for many years to come, allowing the company to become more active in operating in the markets of the Asia-Pacific region. And while Gazprom Neft continues to engage in geological prospecting offshore from Sakhalin Island, our reserves in this region can only increase,” he added.

Gazprom Neft stated Tuesday that the Neptune field was the company’s “most important” discovery of 2017. The company made the discovery in October last year following the drilling and testing of a prospecting and appraisal well at the Ayashsky license block.

The subsoil usage license to the Ayashsky licence block is owned by Gazpromneft Shelf. Work on well construction is being undertaken by Gazpromneft-Sakhalin, supported by the Gazprom Neft Science and Technology Centre. Gazpromneft-Sakhalin is currently continuing the construction of a second well at the Ayashsky license block.

Gazprom Neft describes itself as a “vertically integrated oil company, primarily engaged in oil and gas exploration and production, refining, and the production and sale of petroleum products”. The company achieved a record financial performance in 2017, according to its website.


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