Russia: Gazprom Neft Launches Shale Oil Project

Gazprom Neft, the oil arm of energy giant Gazprom, has launched a project to develop shale oil production in Russia, reports RIA Novosti

Mr Alexei Miller CEO of Gazprom said that “In contrast to shale gas extraction, tight oil production is of considerable interest for Gazprom Group and we will work actively on this issue.”

The Gazprom Neft board of directors discussed shale oil production in Russia after the company launched a joint project with Shell to develop the Bazhenov formation at the Upper Salym oilfield in West Siberia. The deposit will be operated by Salym Petroleum Development, a 50-50 JV between Gazprom Neft and Shell.

Experts of Gazprom Neft, Shell and SPD created a road map that defines the steps to achieve the main goal, that is, the development of the Bazhenov formation on an industrial scale.

Source:  RIA Novosti