Gazprom Neft puts Prirazlomnoye oil production cost below $10/bbl

ST PETERSBURG, Apr 9 (PRIME) -- Russian oil company Gazprom Neft expects the cost of production of oil at the Prirazlomnoye field to be below U.S. $10 per barrel after the company has finished all capital expenditures in the project, Deputy CEO for Offshore Development Andrei Patrushev said on Tuesday during the International Arctic Forum.

“The production cost at the Prirazlomnoye field will be below $10 after we have finished all capital expenditures. Thus you can feel the reserve of the field against the volatility of oil prices,” he said.

The Prirazlomnoye field is Russia’s first field in the Arctic shelf zone where oil production was launched. The field’s recoverable reserves of oil exceed 70 million tonnes.

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