Russian oil giant Gazprom Neft has unveiled a long-term plan to collect 2D and 3D seismic data on its large offshore block in the Arctic that could hold up to 15 billion barrels of oil plus additional gas volumes.

The state-controlled producer revealed the four-year seismic acquisition plan in a recent tender disclose notice.

The North Vrangelevsky block is more than 117,000 square kilometres, located on the border between the East Siberian Sea and the Chukotka Sea to the north of the Chukotka Peninsula, with Wrangel Island lying to the south-east of the acreage.

Authorities in Moscow awarded Gazprom Neft’s parent, gas monopoly Gazprom, an exploration and development licence for the block in 2013, with the asset falling into the oil producer's hands a year later.

According to an outline of Gazprom Neft’s exploration plan, the company intends to collect 5500 kilometres of 2D seismic and 4500 square kilometres of 3D seismic between next year and 2025.

Additionally, geological and engineering assessments will also have to be conducted in this period at two drilling locations on the block, one intended for a jack-up drilling unit and another for a semi-submersible rig.

Water depths at the North Vrangelevsky block range between 40 and 200 metres.

Gazprom Neft said it has gathered just over 6000 kilometres of 2D seismic data on the acreage since 2014.

No exploration wells have been spudded on this large block, however, in-place potential geological resources on the acreage have been assessed at almost 15 billion barrels of oil and about 1 trillion cubic metres of gas.

Although Russia's largest oil producer, Rosneft, holds licences for two large neighbouring blocks to the east and west of North Vrangelevsky, Gazprom Neft has previously said it was in talks to bring the country’s largest independent gas producer, Novatek, in as a partner.

Blocks offered in East Siberia

With Russia's large oil and gas producers unlocking funds for exploration in the third quarter after significant spending cuts in the first half of this year, the country’s state subsurface agency Rosnedra plans to hold an auction for exploration and development licences for three onshore blocks in East Siberia's Sakha-Yakutia region.

Rosnedra has invited bids for licences for the Maysky, Severny and Yuzhny blocks in the region that together are estimated to hold possible in-place resources of 400 million barrels of oil and 100 billion cubic metres of gas.

Rosnedra will accept applications to bid until 17 December, with the auction to be held on 19 January, it said.

Exploration

Gazprom Neft lays out seismic plans for Arctic block with huge oil and gas potential