Novatek, Gazprom Neft’s JV to launch oil production in 2018

MOSCOW, Mar 2 (PRIME) -- Arcticgas, a joint venture between crude producer Gazprom Neft and independent gas producer Novatek, plans to launch oil production at the Yaro-Yakhinskoye deposit, located in Russia’s northern Yamalo-Nenets Autonomous District, in 2018, a corporate edition of Gazprom Neft said on Thursday.

“The output target amounts to 1.5 million tonnes annually, it is to be reached by 2021,” the paper said.

In 2018, Gazprom Neft also intends to produce 1.5 million tonnes of oil annually at the initial stage of development of the Tazovskoye field. The license for the field previously belonged to Gazprom Dobycha Yamburg.

The company also is going to develop two segments of the Kuyumba deposit in Eastern Siberia to produce 1.6 million tonnes of crude. The Kuyumba deposit will be launched in 2018 by Slavneft, a 50%-50% venture between Gazprom Neft and Rosneft.

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