Project Profile
Value: US$14.5 million
Location: Komi Republic, Russia
Reserves: 321 million barrels
Production: 10,000 bpd
Exploration start-up:-1932
Production start-up: - 2011
The Yaregskoye Oil Treatment Facility is an oil field located in Komi Republic, Russia. The field was discovered in 1932 in the southern part of the Timan-Pechora petroleum province, in the Ukhta District of the Republic of Komi, 20 kilometres away from the town of Ukhta. The field includes the following areas: Vezhavozhskaya, Yaregskaya and Lyayelskaya, of which the latter two are producing ones. The field development began in 1939. As of the end of 2015, proved reserves of the field stood at 321 million barrels of oil. The oil field is operated and owned by Lukoil. The production is centered on 10,000 barrels per day (1,600 m3/d).
On 24 November, 2016 LUKoil launched a project to raise output at the field, the company bought into operation a facility for the treatment and gathering of oil, and a water-treatment unit at Yaregskoye field. The capacity of the first stage of the facility is 1.75 million tons of oil per year. Development plans for Yaregskoye oil field provided for construction of more than 20 facilities, included steam generating units and a 75-megawatt power plant. The project allowed raising oil production at Yaregskoye field up to 3.5 million tons compared against 0.7 million tons in 2015.The cost of this phase was estimated at 33 billion rubles (US$5.72 billion). The second phase, at a cost of 48 billion rubles (US$8.32 billion), aims to raise production to 3.5-4 million tonnes per year (70,000-80,000 bpd) by 2021. The company has a production and development licence for Yaregskoye until 2030.
Operators:
Lukoil Oil Co.: 100% interest