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
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
