Russia's oil estimates in Pechora Sea upgraded by 75 %

The resource estimates for the oil field Medynskoe -- more in the Pechora Sea -- have been increased by 75 % to a total of 133,9 mm tons.
That makes the field almost twice as big as Gazprom’s nearby Prirazlomnoye field.

The Murmansk-based oil company Arktikshelfneftegaz has reported the upgraded field estimates for Medynskoe-more to the Russian State Commission on Natural Resources.
The field is now believed to contain a total of 516,6 mm tons of oil category C1 and C2, of which 139,9 mm are considered extractable. That is 75 % more than the previous estimates, the company informs.

The Medynskoe-more field is located near land in the Pechora Sea about 410 km north of Naryan-Mar. Water depths in the area range between 10 and 19 meters.
After the resource upgrade, the Medynskoe-more is almost twice as big as Gazprom’s more known Prirazlomnoye field, which holds an estimated 72 mm tons of oil.

Production start at the Prirazlomnoye field is due in 2011, and the ice-protected platform designed for the projects is currently undergoing final adjustments in Murmansk. The Prirazlomnoye will be Russia’s first ever Arctic field in production.
The Medynskoe-more and the Prirazlomnoye are neighbouring fields in the Pechora Sea and joint use of infrastructure is believed to be possible. Also several other major oil fields are located in the area.

With the upgrade of resource estimates for the Medynskoe-more, license holder Arktikshelfneftegaz is believed to have significantly boosted its market value. The company, which was established in 2002 as a subsidiary under Arktikmoreneftegazrazvedka and Promyshlennye Investitsii is today 50 % controlled by federal authorities.
It also holds the licenses to the fields Varandeyskoye-more and Kolokolmorskoye, both of them nearby fields in the Pechora Sea.