Page 12 - FSUOGM Week 43 2021

FSUOGM PROJECTS & COMPANIES FSUOGM

Rosneft raises resource estimate

at Vostok Oil field

RUSSIA RUSSIA’S state-owned company Rosneft has gas reserves. It comprises 52 licence areas in the
reported an increase in reserves at one of the north of the Krasnoyarsk territory and in the
Rosneft has touted the fields that comprise its Vostok Oil project in the Yamalo-Nenets region, comprising 13 oil and
project's low lifting costs Russian Arctic. gas fields.
and clean production. The company drilled a well at the Lodoch- Lodochnoye, one of the smaller of the fields,
noye field in the north of the Krasnoyarsk region, has been flowing oil since 2017.
achieving a flow rate of 225 cubic metres per day Analysts have likened Vostok Oil’s scope
of waterless oil, it said on October 26. to the development of the Western Siberian
“The data obtained will make it possible to oil basin in the 1970s and the development
subsequently increase the proven reserves of the of the Bakken tight oil play in the US over the
field,” Rosneft said. past decade. Rosneft estimates that Vostok
Rosneft has been exploring Lodochnoye, a Oil will be flowing 1mn barrels per day of
satellite of the giant Vankor oilfield, since 2014. oil by 2027 and as much as 2mn bpd in 2030.
In the years since, it has drilled seven prospect- But the company and its partners are yet to
ing and exploration wells, and collected 490 take a final investment decision (FID) on
square km of seismic data. Its initial recoverable development.
reserves were assessed at 78mn tonnes (572mn Rosneft is seeking partners to take develop-
barrels) of oil and condensate at the start of this ment forward. It closed a deal earlier this month
year, versus a previous estimate of 31mn tonnes. to bring on board Vitol and Mercantile & Mar-
Vostok Oil is Rosneft’s largest upstream itime Energy as investors with a combined 5%
project, containing more than 5bn tonnes of interest. That followed its divestment of a 10%
high-quality low-sulphur oil as well as significant stake to Trafigura last December. ™

NEWS IN BRIEF

RUSSIA agreements (PSAs) for three more fields in Moscow, Riyadh should
the Ghadames and Sirte basins in December
Tatneft resumes oil 2006. Altogether, its acreage in Libya covers oppose imposition of
an area of about 18,000 square km.
exploration in Libya’s work at these sites, the company suspended renewable energy: Novak
After carrying out some exploration
Ghadames basin its activities in 2011, pending a resolution Russia and Saudi Arabia as the two largest
of the Libyan civil war. It attempted to
energy superpowers should oppose artificial
Russia’s Tatneft, in co-operation with Libya’s return in 2014 so that it could collect imposition of renewable energy sources and
National Oil Corp. (NOC), has resumed seismic data from a 200-square km area de-carbonization that hurt sustainability of
exploration drilling in the country after in Ghadames but soon departed because national energy industries, Deputy Prime
a 10-year hiatus. This move makes the of a deterioration in security conditions. Minister Alexander Novak told Saudi
company, which is based in the Russian Subsequent attempts to resume exploration Energy Minister Abdulaziz bin Salman Al
internal republic of Tatarstan, one of the work did not make much headway, but Saud late on Monday.
first foreign oil operators to return to Libya. Tatneft representatives said repeatedly that The two countries bear special
As of last week, Tatneft had already sent the company was committed to remaining responsibility to the global community on
a team to drill the B-82-4 exploration well at active in Libya. the climate track as they are among the key
Al Hamada, a site in the Ghadames Basin in According to local press reports, the suppliers of energy, he said.
western Libya. The Russian company sank Russian operator made the decision to “At the same time, we suppose that
the well to a depth of about 3,900 feet (1,190 resume work after multiple discussions with Russia and Saudi Arabia should pay close
metres) before it suspended work at the site Libyan officials and a review of security attention as the two energy superpowers to
in February 2011. It now aims to drill to conditions. The latest meeting between the the issues of de-carbonization and oppose
a target depth of 8,700 feet (2,650 metres) parties took place in early October and artificial enforcement of ‘greening’ of the
and expects to complete the well in about was attended by Abu Algasim Shingeer, a international agenda to the detriment
45 days. member of NOC’s board of directors, and of sustainability of the national energy
The company first obtained concessions Albert Saviolin, the CEO of Tatneft’s Libyan sectors,” Novak said.
for fields in the Ghadames basin, which is subsidiary. The two ministers discussed the current
believed to hold more than 3.5bn barrels trends in the international energy industry
of oil in recoverable reserves, in October as well as the trends connected with the
2005. It then signed production-sharing climate change like reduction of CO2

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