Gazprom Neft Goes Offshore Arctic

February 28, 2013

According to Barents Observer, Deputy Head of Gazprom Neft, Vadim Yakovlev, this week confirmed to journalists that his company will take over Gazprom Neft Shelf, the Gazprom subsidiary with operator responsibility for the Prirazlomnoye project. Gazprom Neft will also take over the project production platform, which will be paid with revenues from the field production.

Gazprom Neft in addition expects to get three offshore Arctic field licenses from its mother company Gazprom, RBC Daily reports. From before Gazprom Neft controls the license to the Dolginskoye field in the Pechora Sea.

When taking over the “Prirazlomnaya” platform, Gazprom Neft inherits Russia’s first Arctic oil platform and a long-time headache for its former owner Gazprom. The platform, which has an estimated value of more than €3 billion, has experienced a series of technical problems and delays. The “Prirazlomnaya” has been lying idle in the remote Pechora Sea since August 2011 and is expected to be ready for production operations only in late fall 2013.

Gazprom Neft is Gazprom’s oil subsidiary. It was established in 2006 following Gazprom’s acquisition of the Sibneft company. The company is today Russia’s fifth biggest oil producer

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