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Oil production in Yamal to double within three years — authorities

January 26, 2017, 18:20 UTC+3 MOSCOW

The region’s share in the Arctic zone’s investments is more than 66%

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MOSCOW, January 26. /TASS/. The oil output in Russia’s Yamal-Nenets Autonomous District will double within next three years, the autonomous district’s Deputy Governor Dmitry Artyukhov said on Thursday at a meeting of the Arctic and Antarctic Council at the upper house of the Russian parliament.

"For the coming three years, we forecast the gas output growth by 6%," he said. "If we speak about oil, then due to the Zapolyarye-Purpe oil pipeline we expect the production will double."

The official said, at the region’s 236 deposits of oil and gas, the proven reserves of hydrocarbons make 44.5 trillion cubic meters of gas and almost 5 trillion tons of oil.

"As of now, Yamal produces most part of the Arctic’s Gross Regional Product," the official said. "The region’s share in the Arctic zone’s investments is more than 66%."

In 2016, Yamal attracted almost 800 billion ($13.2 billion) in investments.

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