Reuters: Russia's Gazprom Neft sticks to development plans after sanctions

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.
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