Surgutneftegas Launches New Far East Oilfield

Russian oil and gas company Surgutneftegas has commissioned a new Lenskoye field with proven oil reserves of 40 million tons, the company said in a press release on Saturday, according to Interfax.

The new field was dedicated to the 15th anniversary of the East Siberian oil and gas province development.

“Taking into account the Lenskoye field, the joint-stock company operates seven fields and continues to actively develop the resource base in the region. The company conducts geological exploration at 26 licensed sites located in the Republic of Sakha (Yakutia), Irkutsk Region and Krasnoyarsk Region,” the press release said.

According to the company, Eastern Siberia is a strategically important area for Surgutneftegaz’s activities. The region’s share in the total oil production of the company in 2018 amounted to 15% or 9.1 million tons.

For 15 years, a production infrastructure has been created in the region for the production and transportation of oil and oil products. Moreover, the company built the Talakan airport. The annual investment in Eastern Siberia is over 22 billion rubles ($344 million), and for 2019, the company has planned 25.5 billion rubles ($400 million) in investment.

On August 28, Surgutneftegas registered the company Rion LLC, which, according to the SPARK system, will be involved in securities and investment management on the stock market.

At the end of the first half of 2019, Surgutneftegas’ liquid assets amounted to 2.955 trillion rubles ($44 billion). On September 3, the capitalization of the company on the Moscow Exchange on September 3 reached 1.6 trillion rubles ($24 billion).