Page 10 - FSUOGM Week 09 2021

FSUOGM PROJECTS & COMPANIES FSUOGM

Rosneft further expands

Vostok Oil reserves

RUSSIA RUSSIA’S Rosneft has further expanded its used PRMS system, with 3P reserves assessed at
resource base in the Russian Arctic, further some 12bn barrels.
Vostok Oil comprises underpinning its Vostok Oil megaproject. “This means Rosneft purchased the undevel-
several large-sized fields The Russian classification C1+C2 reserve oped reserves at a consideration of under $1 per
in Russia's far north. estimate for the Payakha field cluster, recently barrel on a 3P basis,” BCS GM said in a research
acquired by Rosneft from private partner Neft- note on March 1.
egazholding (NGH), was raised by 930mn Rosneft is also preparing to take part in an
barrels over the course of 2020, from 8.9bn to April tender for two nearby gas licence areas on
9.8bn barrels, Interfax reported on February the Arctic Taymyr peninsula. The company is
26. Rosneft also obtained two new exploration looking to build up Vostok Oil’s gas resources to
licences in the area in January, Vostochno-Pay- support potential LNG production. The Turk-
akhsky and Vostochno-Peschany, expanding its ovsky and Deryabinsky blocks combined hold
resources further. nearly 110bn cubic metres of gas.
Vostok Oil comprises several large-sized Extra resources will also help Rosneft in its
oilfields in Russia’s far north, with the Payakha search for equity partners at Vostok Oil. The
fields serving as its main undeveloped resource company brought on board Singaporean com-
base. Company CEO Igor Sechin has predicted modities trader Trafigura in December, selling a
the project will flow 1mn barrels per day by 2027, 10% stake for a reported $7bn. It is understood
rising to over 2mn bpd at a later stage. to be in talks with other trading giants Vitol,
Rosneft paid $9.6bn in cash for the NGH Glencore and Gunvor, among others. Global oil
fields, as well as exchanging some mature assets majors and oil-importing countries like India
further south. The fields are actually estimated have also expressed interest, Rosneft told inves-
to hold even more oil under the internationally tors last month ™

P10 www. NEWSBASE .com Week 09 03•March•2021