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Putin to chair conference with Yamal oil/gas producers

September 06, 2012, 4:58 UTC+3

Vladimir Putin noted that the state was interested in developing the production of minerals in the region

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KUSHEVAT ORNITHOLOGICAL SANCTUARY /Yamal/, September 6 (Itar-Tass) — Russian President Vladimir Putin said he will chair a conference with oil and gas producers operating in Yamal. Putin said so after a report by Gubkin Oil and Gas University Prof Alexander Lobusev on the prospects for developing the raw materials sector in Yamal and adjacent arctic zones.

Lobusev noted his report that the area was quite promising from the point of view of its oil and gas potential. "The initial aggregate reserves of gas make up 50 trillion cubic meters, the reserves of oil reach four billion tons, and the reserves of condensate - over three billion tons," he said.

Vladimir Putin noted that the state was interested in developing the production of minerals in the region. "The first stage of joint work by Rosneft and ExxonMobil will require two to three billion dollars worth of investments, with the aggregate sum of investments estimated at 100 billion," the president said.

He said Gazprom and NOVATEK were operating actively in the region. The state plans to create infrastructure for the operation of Russian companies. "Yamal is a very convenient place from the point of view of fuel transportation; there are good depths here to set up a large port to transport liquefied gas," the president said.

Russia plans to build a large LNG center at the Yuzhno-Tambeisky field, whose reserves are estimated at 1.3 trillion cubic meters, while an estimated production rate is 25 billion cubic meters a year for a period of two decades. The LNG center will be set up as part of the plans to develop the gas industry in the Sabetta port area.

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