Official: Gazprom Neft to invest 7.5 bln rbl in Bazhenov formation

MOSCOW, May 17 (PRIME) -- Russian oil company Gazprom Neft plans to invest 7.5 billion rubles in creation of technologies to develop the Bazhenov formation, Kirill Sterzhnev, head of the company’s Bazhen project, told reporters on Wednesday.

“We have formalized investment of about 8.7 billion rubles in the national project, of which 7.5 billion rubles will come from Gazprom Neft,” he said, adding that the remaining part will come from technological companies and from the state.

The project envisages creation of 15 technologies until 2021. Alexei Vashkevich, head of the company’s geological exploration department, said that the company will test technologies on the Palyanovskaya area of the Krasnoleninskoye field, and Gazprom Neft will attract other companies to development of the technologies.

In 2016, Vashkevich said that Gazprom Neft plans to produce 2.5 million tonnes of oil at the Bazhenov formation until 2025 and involve about 100 million tonnes of reserves in he development.

The Bazhenov formation, located in the Western Siberia, contains tight oil. Previously, the Federal Mineral Resources Agency said that reserves of the formation amount to 10–30 billion tonnes of oil.

(56.2603 rubles – U.S. $1)

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