A new oil and gas field, Pyakyakhinskoye, in the Yamal-Nenets Autonomous Area has begun operating, according to a statement on the local government's website. An opening ceremony was attended by Deputy Prime Minister Arkady Dvorkovich, Governor of Yamal-Nenets Autonomous Area Dmitry Kobylkin, Lukoil President Vagit Alekperov, and Lukoil Vice President, CEO of Lukoil-West Siberia Sergei Kochkurov.

According to Mr. Dvorkovich, the new facility is technologically efficient and fully meets environmental requirements. He also stressed that the Russian government plans further investment in the region's development.

"That Yamal is a priority is obvious, considering the size of investment," Dvorkovich said. "Just look at the Yamal LNG plant and Sabetta port, a joint project between the government and private investors. We discussed again today that Yamal needs further strategic development in its transport infrastructure to move oil and gas to the Northern Sea Route. We count on Yamal and will invest in it."

Lukoil-West Siberia began developing Pyakyakhinskoye in 2009. Its reserves were estimated at 69.1 million tons of oil and 253.3 billion cubic meters of gas at the beginning of 2016.

The start of commercial production is linked with the new Zapolyarye-Purpe oil pipeline (Transneft), which is also planned for completion before the end of this year. The new 488 km oil line will cross the Yamal-Nenets Autonomous Area, and has a capacity of 45 million tons per year.