Gazprom Neft, the oil arm of Russia's top natural gas producer Gazprom, plans to more than double oil output this year at the Prirazlomnoye field, Russia's sole Arctic offshore oil project, the company said Friday.
Last year, oil production at the field totaled 300,000 tons.
Development of Russia's offshore Arctic riches has been hampered by Western sanctions over Moscow's role in the Ukrainian conflict.
Russia's top oil producer, Rosneft, has postponed exploration drilling in the Kara Sea after its partner, U.S. company ExxonMobil, suspended its participation in the project due to sanctions.
Gazprom Neft has also been exploring another Arctic offshore oilfield, Dolginskoye, where it drilled its fourth exploration well last year.
In 2014, Gazprom Neft's total hydrocarbon output rose by 6.4 percent to 66.3 million tons of oil equivalent.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.