Gazpromneft Sakhalin says production at Russia’s new Arctic fields not to begin before 2020

Production at Russia’s new Arctic fields will not begin before 2020, IAA PortNews correspondent cites Aleksei Fadeyev, Head of Production Support Directorate at Gazpromneft Sakhalin, as saying at the 6th international conference “Logistics in the Arctic” in Murmansk. 

According to the estimates provided by Aleksei Fadeyev, the demand for gas and oil will grow by 18% and 44%, accordingly, by 2035. 

“Today’s oil prices only affect implementation of the current projects, not the exploration. Production at Russia’s new Arctic fields will not begin before 2020. If they are neglected today oil prices can go up amid exhaustion of resources. We hope to see fair oil prices by 2020,” said Aleksei Fadeyev.