Gazprom Neft Seeking Arctic Offshore Assets

December 6, 2010
Russia’s fifth biggest oil company, Gazprom Neft, is preparing bids for four big fields in the Pechora Sea and the Kara Sea, the company confirms. Company representative Viktor Savelyev told journal Neftegazovy Vertikal that Gazprom Neft has a high strategic focus on offshore fields in the Arctic. He also confirms that bids for four big fields in the Pechora and Kara Seas are under preparations.

In the interview, available at thecompany website, Savelyev also underlines that the Yamal Peninsula is given priority and reserves in the area are planned boosted with more than one billion tons of oil equivalents. A major mapping and exploration program for the area is under planning.

In the Yamal Peninsula, Gazprom Neft can potentially benefit from the major infrastructure development currently undertaken by mother company Gazprom.

Gazprom Neft is a 100 percent subsidiary of gas giant Gazprom. So far the company has not been much active offshore. Thus, it is the mother company Gazprom, which controls the licenses to offshore oil fields like the Prirazlomnoye in the Pechora Sea.

According to, Gazprom Neft is also planning investments in the Caspian Sea, the Black Sea, as well as in the Chukotka Sea.

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