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Gazprom Picks Up Two Arctic Energy Fields

Arctic Oil Rig

Russian energy company Gazprom has outbid Rosneft and Lukoil to acquire the rights to two Arctic oil and gas fields. Gazprom paid the equivalent of US$354.6 million for development rights for Layavozhskoye and Vaneyvisskoye oil and gas fields, which are located in the Nenets Autonomous Region.

The Natural Resources Ministry reports that the Layavozhskoye Field has an estimated 9.8 million tonnes of oil and 140.1 billion cubic meters of natural gas. The Vaneyvisskoye is expected to contain at 6.5 million tonnes of oil and 85.2 billion cubic meters of natural gas.

According to industry analysts, Gazprom needs to increase its resource base as it faces challenges from smaller producers that are active in the domestic market.

Gazprom and Shell both signed a memorandum of understanding on Thursday for the construction of a liquefied natural gas plant in the Baltic. According to Gazprom, the plant in the Baltic could potentially produce approximately 20 million tonnes of frozen gas per year.

The MOU states that the two companies will also examine the potential to build the plant at Ust-Luga. The memorandum says the companies will look into possibilities of building the LNG plant in the port of Ust-Luga with an annual capacity of 10 million tonnes. Shell and Gazprom have partnered on a liquefied natural gas plant on the island of Sakhalin, which has a 10 million tonne per-year capacity.

Related: Conoco-Philips Pipeline Leak Threatens Wildlife Area In Alberta

Gazprom exec Alexei Miller stated on Thursday that the amount of gas Russia sends to Europe through the Ukraine will fall off after 2020, after the company finishes its new pipeline under the Baltic. Gazprom is building the pipeline due to pricing disputes with the Ukraine. Additionally, relations between Kiev and Moscow have soured since Russia annexed Crimea. He said that the effort will save Gazprom $1.6 billion per year

By Lincoln Brown for Oilprice.com

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