Gazprom Neft launches production from the northernmost oilfield in the world

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Gazprom Neft has announced a launch of commercial-scale production at the northernmost land oilfield in the world, in the Russian Arctic. The investments into the Messoyakha field are estimated at US$1.3 billion and the project is expected to bring approximately US$13.6 billion tax revenues by 2040.

The project is being developed by Gazprom Neft in partnership with Rosneft. The field should yield some 600,000 tons (around 4.2 million barrels) of crude oil by the end of the year.  The output is likely to increase gradually each year yielding 3 million tons next year and 5.5 million tons by 2020. It is counted that the output from Messoyakha will add to Gazprom Neft’s annual estimated production of 59 million tons of oil and condensate this year, and the planned 62 million tons next year.

Earlier this month it was announced that Gazprom has received the first permit from Turkish authorities for the construction of the offshore leg of the Turkish Stream gas pipeline.

“I would like to commend our Turkish partners for being so prompt and cooperative at the first stage of the TurkStream project,” Alexey Miller, Chairman of the Gazprom Management Committee, said in the company statement.