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Arctic Oil Field Launched

Gazprom Neft, the oil arm of the state gas export monopoly, started the first production well at a new Arctic field, one of the greenfield projects that will help sustain production as old Siberian fields decline.

Novoportovskoye, north of Gazprom's main gas producing fields, is due to start commercial production in 2014 and hit its peak of 250,000 barrels per day in 2020.

Russian companies are increasing the use of unconventional technologies both to squeeze more oil out of the declining fields of Western Siberia and to maximize output at new fields.

(Reuters)

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