Russia and China will begin joint production of oil and gas in the Arctic
The Russian Neftegaz holding and the China National Chemical Engineering Construction Company No. 7 will begin joint production at the Payakha Taimyr field by 2024. It was reported by the information service of the mobile application "Russia - China: the main thing".
It is planned that the Russian and Chinese companies will reach the design capacity of 26 million tons in 2030. The total amount of the transaction is 5 billion dollars.
The Payakha group is one of the richest oil and gas fields in the Arctic. According to the international classification, Payakha oil reserves in the 2P category are more than 420 million tons, in the 3P category - 2 billion tons. In China, the project is called as part of the Ice Silk Road strategy.