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Russia launches new oil gas field in Arctic

Xinhua, September 21, 2016 Adjust font size:

Russian President Vladimir Putin launched on Wednesday the country's northernmost onshore oil and gas field in the Arctic, the Kremlin said.

The field, Eastern Messoyakha, located on the Gydan peninsula on the coast of the Kara Sea, is developed by Messoyakhaneftegaz, a joint venture of Russia's oil and gas giants, Rosneft and Gazprom.

As of Jan. 1, 2016, the field had recoverable reserves of over 470 million metric tons of oil and gas condensate, and 188 billion cubic meters of gas.

The deposit is expected to produce 577,000 tons of oil in this year and its output may peak at 5.6 million tons in 2020.

The oil from the deposit will flow through a link to the Eastern Siberia-Pacific Ocean pipeline meant for exporting Russian crude to the Asia-Pacific markets including China, Japan, and South Korea. Endi