A new oil field in the southern region of Yamal, with geological reserves of 55 million tonnes of oil, announced by Gazprom Neft (MOEX: GAZP), may become a new link in the company’s Arctic cluster. Further exploration is required to clarify the production potential, which could take up to three years and require an investment of 10–30 billion rubles. The costs for infrastructure development and drilling are estimated in the hundreds of billions of rubles.
Gazprom Neft announced the discovery on February 11, describing it as the largest oil field discovered in Yamal in the past 30 years. The discovery followed a three-year cycle of geological exploration, including seismic research, as well as the development of geological and hydrodynamic models. Monitoring of drilling was conducted remotely from the management center in Tyumen. Gazprom Neft plans to conduct additional exploration soon to clarify the production potential. The company did not provide further comments on additional inquiries.
Dmitry Kasatkin, managing partner of Kasatkin Consulting, stated that the additional exploration of the project could take two to three years and require around 10–30 billion rubles. He added that constructing infrastructure and drilling operational wells could cost hundreds of billions of rubles. However, Mr. Kasatkin noted that within the cluster, CAPEX could be optimized by utilizing the Novy Port field and the Arctic Gates terminal.
Oleg Abelyev, head of the analytical department at Rikom-Trast, believes that reaching plateau production from the project could take five to six years, with peak production expected after 2030. According to him, the optimal production level for Arctic infrastructure is 3–3.5 million tonnes of oil per year. Increasing volumes to 5 million tonnes is technically feasible, he adds, but would require more intensive drilling and a significant rise in capital expenditures. He believes that a stable production level could be maintained for 10–12 years.
The characteristics of the field classify it as a type of oil and gas condensate deposit, and the raw materials base is likely to consist of low-sulfur oil, gas, and condensate, Mr. Kasatkin suggests.
The extracted raw materials may enter the Arctic variety Novy Port, which is in demand in export markets and as feedstock for deep processing.
Furthermore, the presence of gas and condensate will require Gazprom Neft to establish a comprehensive collection and preparation system, as well as efficient flaring gas utilization schemes, the analyst continues.
The strategic advantage of the new field, as noted by Sergei Tereshkin, CEO of Open Oil Market, is the increased share of low-sulfur oil varieties. He explains that demand for such raw materials remains stable due to tightening standards for marine and aviation fuel. According to Mr. Tereshkin, Arctic oil will be sought after in regions with robust processing infrastructure—specifically China, India, and the Middle East.
According to data from the Ministry of Natural Resources, 31 oil fields were discovered in Russia in 2025, with oil and condensate reserves increasing by 640 million tonnes.
The largest hydrocarbon deposits were found in Yamal and the Krasnoyarsk Territory. The discovery by Gazprom Neft does not alter the balance of the Russian market but confirms that Yamal can smoothly replace Western Siberia, states Oleg Abelyev. Dmitry Kasatkin adds that the field provides Gazprom Neft with a long-term foundation for the development of the Arctic cluster. He adds that operating the project will help mitigate the risks associated with declining production in mature fields in traditional oil and gas provinces.
Source: Kommersant
