Gazprom Neft is planning to invest over 170 billion rubles in the development of the Novoportovskoye oil and gas field over a period of three years. This sum is stipulated by an agreement between the Yamal-Nenets Autonomous Area and Gazprom Neft for 2016-2020 which is currently being drafted, Arctic-Info reports.

The company's CEO Alexander Dyukov told Yamal Governor Dmitry Kobylkin that the same sum would be spent on developing the Messoyakha oil and gas fields. He said this will create jobs, maintain employment levels and channel additional tax revenue to the regional budget.

"Gazprom Neft is a reliable partner of Yamal," Governor Kobylkin said. "Our priorities remain the same: We are set to accomplish state objectives, ensure economic development, provide active social support, preserve the Arctic environment and guarantee high living standards for local residents. Our cooperation with fuel and energy companies benefits the companies, the region and its residents," Mr Kobylkin noted.

The Novoportovskoye oil and gas field is a major oil and gas-condensate deposit in the Yamal-Nenets Autonomous Area which is being developed. It contains over 250 million metric tons of oil and gas condensate, as well as over 320 billion cubic meters of gas.