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