Russ Oil-Gas

Dec. 03, 2008 - Kommersant - Russia’s gas monopoly, Gazprom, has set to developing the first field of the Yamal Peninsula, the Bovanenkovo field. In another effort, Gazprom has launched construction of Bovanenkovo-Ukhta gas pipeline that will add momentum to Yamal’s project. Russia’s First Vice Premier and Gazprom BOD Chairman Viktor Zubkov, Gazprom CEO Alexei Miller as well as the Komi Republic head Vladimir Torlopov attended the ceremony of the first joint’s welding at Bovarenkovo-Ukhta pipeline. Gazprom CEO Alexei Miller said that by welding the first joint at the gas pipeline and launching the first well's drilling, they started “development of inexhaustible subsoil of the Yamal Peninsula”. The transport system of next generation will be set up to deliver the gas from Yamal, which development will improve competitive ability of Gazprom and Russia on foreign markets, Miller specified. The launch of the first string of the gas pipeline is slated for the third quarter of 2011. The date is timed to the launch of Bovanenkovo field of oil and gas condensate. The second string’s construction will begin in 2010, and the plans are to put it into operation in 2015. The Yamal Peninsula is the area of Gazprom’s strategic interests. Eleven gas and 15 oil and gas condensate fields have been discovered there. Their explored reserves are estimated at 16 trillion cu meters of gas, the recoverable reserves stand at 228.3 million tons of gas condensate and oil reserves equal 291.8 million tons.