PRIRAZLOMNAYA OIL PLATFORM: Gazprom Neft, the oil arm of Russian state gas company Gazprom, will stick to its production plans at its Prirazlomnoye oil field in the Arctic despite being put under Western sanctions, First Deputy CEO Vadim Yakovlev said.
"At the moment, we don't think that this will affect our long-term plans," he told reporters at the platform, located some 60 km (40 miles) away from the shore in the Pechora Sea.
The oil field is Russia's first offshore Arctic field - a key source for future hydrocarbon production growth in Russia, now the world's biggest oil producing nation.
Yakovlev said the field should reach plateau oil production of 5.5 million tones (110,000 barrels per day) by 2021, after which it would produce more than 4 million tonnes a year for around three years.
The field plans to produce 300,000 tonnes of oil this year, which will be shipped by tankers to Europe. The first tanker left this spring and the second is now being loaded to be sent off soon. Gazprom Neft was put under EU sanctions last week restricting its ability to raise capital on European markets.
The new sanctions also bar EU firms from providing services such as drilling and well-testing for deep water oil exploration and production, Arctic oil exploration and production, or shale oil projects in Russia.
Yakovlev said the company would not change its long-term goals of producing 100 million tonnes of oil equivalent by 2020.
This year, oil production should increase by around 2.5 percent and grow higher in 2015, he added.
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