23 October 2012

RUSSIA / ENERGY : Gazprom Taps Mammoth Bovanenkovo Arctic Gas Field.


      It only took 40 years...but Gazprom has finally figured out how to extract and transport nat gas from a gigantic but untapped Arctic field.
    The Bovanenkovo field...in northwest Siberia's Yamal peninsula...may hold 4.8 trillion cubic meters/177 trillion cubic feet...of natural gas...ranking it #3 in the world.
    Opened today by President Putin...Gazprom claims it will eventually produce up to 140 billion cf annually...about what Russia sells to Europe.
    The field will produce 46 billion cm in 2013...and is estimated to cost $10 billion to build and maintain.
    Bovanenkovo is located on often soggy permafrost...far from the main pipelines...until today.