SKU: 38421
Author: Wood Mackenzie

Asset Report 31 August 2021

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Report summary

Russia’s West Siberia (South Kara/Yamal) Basin is located within the Arctic Circle and is thought to be gas-prone. Exploration, started in the 1960s, have mostly focused on Cretaceous reservoirs in the onshore area of the basin. In recent years, more wells have also been drilled offshore, in the shallow waters of the South Kara Sea. Multiple recent giant gas discoveries in the shelf and Gulf of Ob shelf area, including NOVATEK’s North Obskoye (2018), Gazprom’s Dinkov (2018), plus Rosneft’s Marshal Zhukov and Marshal Rokossovski (2020) placed the basin to top the global list by discovered resources in 2016-2020. EU/US sanctions in place since 2014 have impacted IOCs’ participation. Exploration in the basin is carried out by Russian companies, and is more about long-term supply rather than fast commercialisation. This analysis looks at the exploration potential in the Cretaceous Onshore, the Mesozoic Shelf and the Gulf of Ob Shelf plays.