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Novatek, Gazprom Neft JV might start production in late 2018

September 05, 12:39 UTC+3 VLADIVOSTOK
The volume of oil production in the initial phase will be about 1 mln tonnes per year
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© Stanislav Krasilnikov/TASS

VLADIVOSTOK, September 5. /TASS/. Arcticgas, joint venture of Gazprom Neft and Novatek, might start production in late 2018 - early 2019, Head of Novatek Leonid Mikhelson told journalists on Monday.

"Start of production - end of 2018 - beginning of 2019," he said.

According to Mikhelson, the volume of oil production in the initial phase will be about 1 mln tonnes per year.

Arcticgas holds licenses for exploration and production at the fields Samburgskiy license area and for geological exploration and production of hydrocarbons within the Evo-Yakhinskoye, Yaro-Yakhinskoye and Severo-Chaselskoye license areas.

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