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Industrial drilling begins at Payakha oil field in Krasnoyarsk Region

This means increasing of oil production not by a few percent, but by a few times, the Neftegazholding Company said

KRASNOYARSK, June 14. /TASS/. Industrial drilling began at the Payakha oil field in the northern Krasnoyarsk Region, the region’s Governor Alexander Uss’ press service said on Friday.

The Neftegazholding Company, which develops the field, began drilling first bush wells. Within the current year, the company plans to complete three exploration and two industrial wells with the horizontal depth of 1,000 meters. Earlier, the company has drilled 12 geology exploration wells.

"Industrial exploration of the Payakh oil field has begun. <…> This means increasing of oil production not by a few percent, but by a few times," the press service quoted the governor as saying. "In maximum five years, the Krasnoyarsk Region’s budget revenues from the oil sector, which currently are 30 billion rubles ($466 million), will grow at least twice or three times."

The deposit will be commissioned in 2024. The initial oil production will be 26 million tonnes a year, and further on it will grow to 50 million tonnes. The oil will be exported along the Northern Sea Route. For that, a new sea terminal Port-North Bay will be built 40km from Dikson. The terminal’s annual capacity will be 25 million tonnes. An oil pipeline of about 400 km will connect the oil field with the port.

The field’s development is a part of the Yenisei Siberia investment project, which unites projects in the Krasnoyarsk, Khakasiya and Tuva Regions.

The Payakha group of fields is unique. The group is on the Taimyr Peninsula, north of the Polar Circle, 140km to the north from the Duninka city. The state commission has confirmed the group’s oil reserves at 1.2 billion tonnes.

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