St. Petersburg, April 18 - Neftegaz.RU. Gazpromneft-Zapolyarye has concluded long-term risk-based operator agreements with Gazprom subsidiaries, allowing the company to start developing Achimov strata at the Yamburgskoye oil and gas condensate field as well as oil-rim deposits at its parent company’s Pestsovoye and En-Yakhinskoye fields.
Gazprom Neft has begun implementing large-scale projects involving the development of Achimov oil deposits at the Yamburgskoye oil and gas condensate field, and oil-rim deposits at the Petsovoye and En-Yakhinskoye fields in the Nadym-Pur-Tazovskoye region of the Yamalo-Nenets Autonomous Okrug. Preparations for developing these assets were initiated in 2018.
Vadim Yakovlev, 1st Deputy CEO, Gazprom Neft, commented: “The development of Achimov reserves and oil-rim deposits is one of the key areas for developing Gazprom Neft’s resource base. The key to these kinds of reserves - the development of which was, for a long time, considered unviable - lies in modern drilling technologies, and, specifically, in building wells of complex design. Risk-based operatorship mechanisms, and synergies with existing asset infrastructure, mean we can bring the oil component at our parent company’s fields into production. About 50 % of Gazprom Neft’s total production will be produced in the Yamalo-Nenets Autonomous Okrug as soon as 2020
2 exploratory wells have been retested at the Yamburg field, and commercial oil inflows obtained. Drilling of high-tech horizontal wells, together with multi-stage fracking, will commence here during the course of this year, following which a decision will be made on the terms - and speed - of implementing this project.
Commercial production is expected to start at the Yamburg field’s Achimov deposits in 2024, following clarification of the geological structure and the completion of hydrocarbon treatment and transportation infrastructure. Daily production volumes are expected to reach up to eight million tonnes of oil equivalent (toe) per day. Implementing this project will allow technologies to be developed for subsequent use in developing oil reserves at Western Siberian Achimov deposits previously considered unviable.
Developing Gazprom-owned license blocks for the 1st time will be undertaken under risk-based operator contracts. Long-term risk-based operatorship contracts will allow Gazprom Neft to conduct activities under Gazprom subsidiaries’ licenses, on terms identical to the licenses it owns, meaning reserves, production and financial results can be consolidated on the operating company’s balance sheet, under International Financial Reporting Standards (IFRS).
The main point under this mechanism being that Gazprom Neft will be investing its own resources in geological prospecting activities and infrastructure construction, and bearing all geological and operational risks. This new structure also creates a legal basis for raising project and shareholder financing on what is a large-scale and technically challenging project, involving the development of Achimov and oil-rim deposits, both of which are categorised as “hard-to-recover” reserves.
