A new oil field in the southern Yamal region, boasting geological reserves of 55 million tons of oil, has been announced by Gazprom Neft (MOEX: GAZP). This discovery may serve as a vital component in the company’s Arctic cluster. Further evaluations to clarify the production potential are necessary, which could take up to three years and require investments ranging from 10 to 30 billion rubles. Infrastructure development and drilling costs are estimated to reach hundreds of billions of rubles.
Gazprom Neft announced the discovery of the oil field with geological reserves of 55 million tons on February 11, as reported by the company.
The deposit is located within the South Novoportovsk and Saletinsk sections, which are part of the company’s cluster in the region, also encompassing the "Gate of the Arctic" terminal in the Ob Bay area.
According to the company, this represents the largest oil field discovered in Yamal in the past 30 years. The discovery followed a three-year cycle of geological exploration, including seismic surveys and the development of geological and hydrodynamic models. Monitoring of the drilling process was conducted remotely from the control center in Tyumen. Gazprom Neft plans to conduct further exploration in the near future to confirm the production potential. The company declined to answer additional questions.
According to Dmitry Kasatkin, managing partner of Kasatkin Consulting, further exploration of the project may take two to three years and cost around 10 to 30 billion rubles. Investments required for infrastructure construction and drilling of the operational fund could reach hundreds of billions of rubles, he added. However, Mr. Kasatkin noted that within the cluster, capital expenditures (CAPEX) could be optimized through the utilization of the Novoportovsk field and the "Gate of the Arctic" terminal.
Oleg Abelev, head of the analytical department at Rikom-Trast, believes that reaching plateau production levels could take five to six years, with peak production expected after 2030. According to him, the optimal production level for Arctic infrastructure is around 3 to 3.5 million tons of oil per year. He notes that increasing volumes to 5 million tons is technically feasible but would require more intensive drilling and a significant rise in capital expenditures. He added that a stable production level could be maintained for 10 to 12 years.
The characteristics of the field indicate that it belongs to the category of oil and gas condensate deposits, with the raw material base likely consisting of low-sulfur oil, gas, and condensate, according to Dmitry Kasatkin.
The extracted raw materials could be incorporated into the Arctic grade Novy Port, which is in demand in export markets and as feedstock for deep processing.
At the same time, the analyst continues, the presence of gas and condensate will require Gazprom Neft to establish a comprehensive collection and preparation system, as well as effective flaring schemes for associated gas.
The strategic advantage of the new field is the increase in the share of low-sulfur oil grades, notes Sergey Tereshkin, CEO of Open Oil Market. He explains that demand for such raw materials remains stable due to tightening standards for marine and aviation fuels. According to Mr. Tereshkin, Arctic oil will be sought after in regions with strong processing infrastructure, such as China, India, and the Middle East.
According to the Ministry of Natural Resources, 31 oil fields were discovered in Russia in 2025, with oil and condensate reserves increasing by 640 million tons.
The largest hydrocarbon fields 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 could gradually replace Western Siberia, indicates Oleg Abelev. Dmitry Kasatkin further notes that the field provides Gazprom Neft with a long-term foundation for developing its Arctic cluster. He adds that the operation of the project will mitigate the risks of declining production at mature fields in traditional oil and gas provinces.
Source: Kommersant
