Gazprom Neft Plans to Continue Developing Arctic Fields in 2020
"The colossal reserves of this region provide a resource future for both the company and the entire domestic oil and gas industry. Already now, the share of Arctic oil in the total portfolio of Gazprom Neft has exceeded 30%. Hydrocarbon production in the harsh conditions of the Arctic is fraught with many technological and organizational difficulties, however, active development of Arctic deposits by the company, formation of new powerful mining clusters in high latitudes suggests that we are successfully coping with this task", the deputy said Gazprom Neft Exploration and Production Director General Vadim Yakovlev.
Arctic deposits are traditionally considered to be expensive in the industry at the cost of production, as they imply high capital costs for their development. Nevertheless, their development is necessary due to the gradual exhaustion of traditional oil reserves in Western Siberia, the Russian Ministry of Energy has repeatedly emphasized.