Russian minnow embarks on Arctic megaproject
A Rosneft-linked independent is developing one of Russia’s biggest ever discoveries
A little-known private company has kicked off development at an oil project in Russia's far north that could eventually pump out 1mn bl/d. The Paiyakhskoye field on the Taymyr Peninsula was identified during the Soviet era but was dismissed as being too remote and challenging to exploit. Following a recent appraisal, state authorities place its C1+C2 reserves at 1.2bn tonnes (8.8 bn bl), putting it on a par with Russia's biggest discoveries. Managing this ambitious enterprise is Neftegazholding (NGH), a small Moscow-based independent run by businessman and former senior executive at state-owned Rosneft, Eduard Khudainatov. According to local authorities, development drilling at the site bega
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
