Page 17 - FSUOGM Week 30

FSUOGM PROJECTS & COMPANIES FSUOGM

Rosneft reports discovery at

Vostok Oil project

RUSSIA RUSSIA’S Rosneft has reported the discovery of 2.3mn bpd by 2030. The company is also consid-
20mn tonnes (146mn barrels) of crude oil at its ering LNG production at the site, and has asked
Vostok Oil project in the Russian Arctic. the government to auction off three gas fields in
The field, named Novoogennoye, was found the area in order to have a sufficient gas resource
on the border between the Krasnoyarsk territory base.
and the Yamalo-Nenets region, Rosneft said on Rosneft hopes to finalise tax breaks for Vostok
July 23. In addition to oil, it also holds 1bn cubic Oil, which it has said could cost RUB10 trillion
metres of gas. ($158bn), and has also held talks with Asian and
Rosneft unveiled its Vostok Oil project last Western investors on joining the project.
year, which it says will help Russia maintain its The company is currently preparing plans for
oil production over the next decade while also additional exploration at Novoogennoye, as well
supporting the development of the Northern as for its commercial development, it said.
Sea Route (NSR). Its resource base is estimated The main Vankor oilfield, where Rosneft is
by Rosneft at 5bn tonnes of light, sweet oil. partnered with an Indian consortium, came
Vostok Oil consists of the Rosneft-operated on stream in 2009. The company's Rosneft
Vankor oilfields, which are already under devel- Vankor subsidiary, which found Novoogen-
opment, the company’s West-Irkinsky block and noye, also operates the Suzunskoye, Tagulskoye
its East Taymyr deposits, along with the Payakh- and Lodochnoye satellite fields. It is exploring a
skaya field group operated by its private partner, total of 38 licensed blocks, and previously dis-
Neftegazholding. covered the Baikalovskoye, Ichemminskoye and
Rosneft has previously estimated the Vostok Gorchinskoye fields.
Oil could supply up to 25mn tonnes per year Rosneft Vankor has managed to increase its
(tpy) (500,000 barrels per day) of oil to global oil reserves by 20% and its gas resources by 54%
markets by 2024, rising to 1mn bpd by 2027 and over the past decade, Rosneft said. ™

Russian govt to auction off Arctic gas fields

RUSSIA RUSSIA’S natural resources ministry is will- situated in the west of the Taymyr Peninsula. The
ing to auction off two of the three gas fields in company has no active projects in the region,
Rosneft could face northern Krasnoyarsk that Rosneft has asked although it did undertake an unsuccessful explo-
competition from rival to bid for, Kommersant reported on July 28 ration campaign in the eastern part of the penin-
Lukoil, however. citing sources. However, Rosneft will come up sula several years ago.
against competition for the licences from pri- Rosneft requested auction terms that would
vate oil firm Lukoil. prevent companies that do not have production
Rosneft is looking to add gas resources to its assets from participating, and that stipulate that
Vostok Oil megaproject, with a view to launch- the fields’ gas should be exported via tankers in
ing LNG production in the Russian Arctic. The the form of LNG. This would make Rosneft the
three fields in question – Ushakovskoye, Deryab- only eligible candidate.
inskoye and Kazantsevskoye – hold 128bn cubic The Vostok Oil project consists of a cluster
metres in reserves, according to state estimates. of oilfields that Rosneft claims could eventually
Rosneft CEO Igor Sechin asked Russian flow 2.3mn barrels per day (bpd) of oil. The com-
Prime Minister Mikhail Mishustin for a con- pany has just reported the discovery of an addi-
test for the fields to be held, RBC reported last tional 146mn barrels of oil at the site.
month. However, mining giant Norilsk Nickel Vostok Oil is a joint venture between Rosneft
later requested that the government set aside one and Neftegazholding, a private firm that has his-
of the fields, Ushakovskoye, to meet the future toric ties with the state producer.
gas supply needs of its facilities in the area. There are concerns that, even with the
In light of this, the resource ministry has resources of the three Krasnoyarsk fields, Ros-
decided to auction off rights to Deryabinskoye neft will not have enough gas to support LNG
and Kazantsevskoye only, Kommersant production. Rosneft has tried before to advance
reported. LNG export projects in northern Russia and in
Lukoil has also shown interest in the assets, the Far East, without success. ™

Week 30 29•July•2020 www. NEWSBASE .com P17