The term of the project financing facility is for a term of 100 years with Gazprombank committing to provide RUB40bn ($700m) while Sberbank offering the remaining RUB60bn ($1.05bn).
The Messoyakha project will see the development of the Vostochno-Messoyakhskoye field located in the Tazovsky district of the Yamalo-Nenetsk Autonomous Region, 340km north of Novy Urengoy.
It will be executed by Messoyakhaneftegaz, a joint venture formed between Gazprom Neft and Rosneft. Gazprom is the operator of the onshore Russian field which is considered to be the northernmost onshore oil and gas-condensate field in Russia.
The onshore field is estimated to hold recoverable oil and gas condensate reserves of over 340 million tonnes.
Messoyakhaneftegaz CEO Victor Sorokin said: “Together with our shareholders we have successfully completed work on one of the most significant transactions in the history of the Russian project financing market.
“Banks’ interest in participating in this project confirms the considerable potential of this asset and the effectiveness of the technologies we are utilising in developing the hard-to-recover onshore reserves of the Arctic.”
Gazprom said that the technologies deployed in infrastructure development at the oil and gas field have resulted in greater speed and quality in the construction process.
Last month, Messoyakhaneftegaz completed construction of a complex production well at the Vostochno-Messoyakhskoye field. The company says that the production well is a horizontal well with two pilot and two lateral wells which was drilled by using “fishbone” technology.
Image: Messoyakhaneftegaz is a joint venture between Gazprom Neft and Rosneft. Photo: courtesy of Gazprom Neft PJSC.
