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Lukoil is planning to produce 1.5 million tons of oil on the Yamal Peninsula

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Lukoil is planning to produce 1.5 million tons of oil on the Yamal Peninsula

Lukoil is planning to produce 1.5 million tons of oil on the Yamal Peninsula
October 26
09:00 2016

The private Russian oil company Lukoil has put into operation the Pyakyakhinskoye oil and gas condensate field on the Yamal Peninsula. Reuters reports that Lukoil is planning to produce 1.5 million tons of raw materials and gas condensate as well as 3 billion cubic meters of gas in 2017.

According to the company’s representative, 200,000 tons of oil will be produce on the Pyakyakhinskoye field in 2016, and the field will reach its ultimate level of the production of raw material in 2021.

According to the representatives of the company, the total investments in the field will be more than 100 billion rubles.

There are 107 wells on the field. 36 oil wells have been involved in the production, which, on the average, provide the production over 3 million tons per day. This raw material is transported via the main pipeline Zapolyarye-Purpe.

Lukoil is going to start gas production on the field by the end of 2016.

Russian oil companies are introducing new deposits at a time when the Russian Federation is going to coordinate with OPEC regarding the possible reduction of the raw material production in order to stabilize prices.

In late September, Arctic Messoyakhskiye field, a joint project of the subsidiary of  Gazprom, Gazpromneft and Rosneft was put into operation.

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1 Comment

  1. Starr
    Starr October 26, 21:38

    Lukoil’s investment in new oil and gas projects gives a new push to the development of related industries: mechanical engineering, petrochemical, mining services, production of pipes and others. So, it will give the possibility to thousands people on the Yamal Peninsula to get a job.

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