Gazprom Neft to Boost Arctic Oil Production

March 24, 2020

Gazprom's Prirazlomnaya platform at the Prirazlomnoye field - Credit: Gazprom Neft
Gazprom's Prirazlomnaya platform at the Prirazlomnoye field - Credit: Gazprom Neft

Gazprom Neft, the oil arm of Russian gas giant Gazprom, plans to raise oil production at its Arctic projects this year, the company said on Tuesday.

It said its oil production at the Novy Port project will rise to 8 million tonnes (160,000 barrels per day) in 2020 from 7.7 million tonnes in 2019.

It also plans to build another three wells at the Prirazlomnoye field - Russia's only offshore oil-producing project in the Arctic - in addition to 19 existing wells there.

Gazprom Neft also said the share of oil extracted in the Arctic has risen to more than 30% of its total oil production. 

(Reporting by Vladimir Soldatkin and Maria Kiselyova Editing by Tom Balmforth)

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