Gazprom will prioritize development of its gas field projects on the Yamal Peninsula and the Arctic shelf, Gazprom CEO Alexei Miller said on Thursday.
“In actual fact, we are creating another Gazprom. The creation of a new gas production center on Yamal and on the Arctic shelf is comparable with the development of the giant Urengoi, Medvezhye and Yamburg deposits during the Soviet period. Today fundamentally new gas provinces are being developed,” Miller said at an annual shareholders’ meeting.
“This year’s investment of over 1 trillion rubles is absolutely justified. It is based on the company’s existing obligations for gas deliveries in Russia and for export, the geography of reserves accessible for development, the need to upgrade and modernize Soviet-era infrastructure,” he said.
Russian Prime Minister Vladimir Putin said on Thursday that the construction of a port and a liquefied natural gas facility on Yamal would require 0.9-1 trillion rubles in investment.