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23:06 GMT +3 hours21 December 2014
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Gazprom Launches Giant Arctic Gas Field

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Russian energy giant Gazprom officially launched production on Tuesday at its giant Bovanenkovo gas field on the Yamal Peninsula in the Arctic.

Russian energy giant Gazprom officially launched production on Tuesday at its giant Bovanenkovo gas field on the Yamal Peninsula in the Arctic.

The field, with estimated reserves of 4.9 trillion cubic meters of natural gas, was launched by Gazprom CEO Alexei Miller, while Russian President Vladimir Putin attended via a video link-up.

The Bovanenkovo field is expected to produce 46 billion cubic meters of natural gas next year and build annual output to 115 billion cubic meters by 2017, and eventually to 140 billion cubic meters.

Explored and estimated natural gas reserves (ABC1+C2) on the Yamal Peninsula total 16 trillion cubic meters. Forecast reserves amount to nearly 22 trillion cubic meters.

By 2020, the Yamal Peninsula is expected to account for 20-25 percent of Gazprom's output.