Rosneft starts production on the Northern Tip of Chayvo field on the Sakhalin Island.

President of Russian Federation Vladimir Putin led the ceremony in a video link from Gorno-Altaysk. Russian Energy Minister Alexander Novak and head of Rosneft Igor Sechin were present on the Sakhalin Island.

A new industry record was set while drilling the first well on the field: the drilled depth was 10 825 meters, horizontal displacement - 9 517 meters, Alexander Novak said. According to him, the state-of-the-art technologies, used by the Company, allowed to implement the project.

Igor Sechin emphasized that the new field will provide annual output on the plateau of about 1,5 mln tons of oil per year in further prospective. The Northern Tip of Chayvo field contains more than 15 mln tons of oil and about 13 bln cubic meters of gas and will become a primary resource base for the Far Eastern LNG plant.

Tags: Rosneft