Zarubezhneft 'in Peschanoozerskoye driving seat'

Arctic control: the Kremlin in Moscow

By Steve Marshall and news reports

 25 September 2012 10:43 GMT

Russian state-owned Zarubezhneft reportedly has taken over operation of the country’s only producing oilfield in the Barents Sea following its acquisition of Arktikmorneftegazrazvedka.

Zarubezhneft general director Nikolai Brunich confirmed the company would maintain production from the Peschanoozerskoye field during a visit to the land-based facilities on remote Kolguyev island last week, the Barents Observer reported, citing a release from the Nenets regional administration.

Murmansk-based Arktikmorneftegazrazvedka has been producing about 740,000 barrels of light oil annually from the field, which was brought on stream in 1987, with 49 wells drilled to date.

Zarubezhneft is focusing increasingly on Arctic operations while another state-owned company, Rosneft, has struck exploration pacts with ExxonMobil, Statoil and Eni as Russia targets vast…

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