Russian government, local and foreign investors discuss ways to develop the Yamal gas deposits
In September, the Russian government and a select group of local and foreign investors gathered in a special meeting to discuss ways to drill the huge gas deposits in the Yamal peninsula. Specifically, the meeting focused on the framework of programs to develop the region and the outlying continental shelf, and the expected scope of private capital in the realization of the outlined projects.
The participants also raised practical issues, including the stipulations of the concrete deadlines and stages of the executions of these projects. As Prime Minister Vladimir Putin, who chaired the meeting put it, the discussions were to enable foreign partners to determine the levels of probable participation in the projects.
According to state officials, the volume of confirmed gas and possible reserves in the peninsula, confirmed by independent researches and documents, has been estimated at 55trln. cubic meters. The main value of these stocks of gas is that they can play a stabilization role on the world natural gas markets as the peninsula represents a unique deposit on scales that are capable to flexibly react to market needs as it can offer more or less volumes of gas, depending on the changes in supply and demand for gas on the markets.
Meanwhile, Gazprom, the Russian gas and oil giant, has already begun drilling operation in one of the key gas deposits in the peninsula, which is holding approximately 12trln. cubic meters of confirmed sources of natural gas, while additional explorations are ecpected to yield more reserves of gas in the region . The first volume of gas is expected in the third quarter of 2012.
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