Mr. Leonid Fedun in a press conference yesterday said that the Yuzhno Khilchuyu field in the oil-rich Timan-Pechora province has failed to meet expectations. The field, which has been developed in partnership with ConocoPhillips, was opened last fall. It is connected with a new pipeline to the Varandey terminal on the Pechora Sea coast.
-The company is studying the field, the production peak will be reached, but I can currently not say when that will happen, Mr. Fedun said, Oilru.com reports with reference to RBK.ru. –Unfortunately, the first expectations were bigger than what we have got, he added. He did not elaborate on the problems with the field.
The field with all adjacent installations is one of the biggest new hydrocarbon fields put into operation over the last year.
Half-year results from the operator company, Naryanmarneftegaz, show that the far northern field produced a total of 3,5 million tons oil, a company press release reads. The total capacity of the field however is far bigger. Lukoil plans a total of 7,5 million tons production in the field this year.
The capacity of the Varandey terminal is as big as 12 million tons of oil per year.
As BarentsObserver recently reported, most of the oil from the Yuzhno Khilchuyu field is this year sold to China’s