A new oil field in the southern Yamal region, boasting geological reserves of 55 million tonnes of oil, has been reported by Gazprom Neft (MOEX: GAZP). This discovery may serve as a new link within the company's Arctic cluster. To clarify the extraction potential, further exploration is required, which may take up to three years and necessitate an investment of 10–30 billion rubles. The costs associated with infrastructure development and drilling are expected to run into the hundreds of billions of rubles.
On February 11, Gazprom Neft announced the discovery of the largest oil field in Yamal in the past three decades. The reservoir is situated within the South Novy Port and Saletinsky sections, which are part of the company’s cluster in the region, also including the "Gates of the Arctic" terminal in the Ob Bay.
The company noted that this is the largest oil field opened in Yamal in 30 years. This discovery followed a three-year cycle of geological exploration, including seismic surveys and the development of geological and hydrodynamic models. Monitoring of drilling operations was conducted remotely from the control centre in Tyumen. Gazprom Neft plans to conduct further exploration in the near future to clarify the extraction potential. The company has not provided answers to additional inquiries.
Dmitry Kasatkin, managing partner at Kasatkin Consulting, stated that further exploration could take two to three years and cost around 10–30 billion rubles. He added that investments in infrastructure construction and drilling for operational fields could amount to hundreds of billions of rubles. Notably, within the cluster, CAPEX can be optimised through the utilisation of the Novy Port field and the "Gates of the Arctic" terminal.
Oleg Abeleev, head of the analytical department at RICOM-Trast, believes that reaching plateau production for the project will take five to six years, with peak output anticipated after 2030. He indicated that the optimal production level for Arctic infrastructure is 3–3.5 million tonnes of oil per year. While increasing volumes to 5 million tonnes is technically feasible, it would require more intense drilling and a significant rise in capital expenditures. He added that stable production levels could be maintained over a period of 10–12 years.
The characteristics of the site classify it as a type of oil and gas condensate field, with the raw material base likely consisting of low-sulphur oil, gas, and condensate, according to Dmitry Kasatkin.
The extracted raw material could enter the Arctic grade Novy Port, which is in demand in export markets and as feedstock for deep processing.
Simultaneously, the analyst points out that the presence of gas and condensate will require Gazprom Neft to establish a comprehensive collection and preparation system, as well as effective schemes for utilising associated petroleum gas.
The strategic advantage of the new field lies in the increased share of low-sulphur oil varieties, as noted by Sergey Tereshkin, CEO of Open Oil Market. He explains that the demand for such raw materials remains stable due to the tightening standards for marine and aviation fuel. According to Mr Tereshkin, Arctic oil will be in demand in regions with strong processing infrastructure—such as China, India, and the Middle East.
According to the Ministry of Natural Resources, in 2025, 31 oil fields were discovered in Russia, with oil and condensate reserves increasing by 640 million tonnes.
The largest hydrocarbon deposits were found in Yamal and in the Krasnoyarsk region. The discovery by Gazprom Neft does not alter the balance of the Russian market but confirms that Yamal could gradually replace Western Siberia, suggests Oleg Abeleev. Dmitry Kasatkin adds that the field provides Gazprom Neft with a long-term foundation for developing its Arctic cluster. The operation of the project, he notes, will help mitigate risks associated with declining production in mature fields within traditional oil and gas provinces.
Source: Kommersant
