Sector News

Lukoil launches oilfield in Russia's Yamal Arctic region

October 26, 2016

Russia’s No.2 oil producer Lukoil on Tuesday launched an oilfield in Yamal Arctic region in an effort to stem oil output falls in Russia where its deposits are being increasingly depleted.

Lukoil plans to produce 1.5 million tonnes (30,000 barrels per day) of oil and 3 billion cubic metres of natural gas in 2017 at the Pyakyakhinskoye oilfield, a top three hydrocarbon deposit launched in Yamal in recent years.

Pyakyakhinskoye is estimated by the company to contain 86 million tonnes of oil and gas condensate as well as 253 billion cubic metres of gas under Russian standards.

By Olesya Astakhova

Source: Reuters

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