Page 10 - FSUOGM Week 47 2021

FSUOGM PROJECTS & COMPANIES FSUOGM

Rosneft, BP strike gas on

Taymyr Peninsula

RUSSIA RUSSIA’S Rosneft has hailed what it says is the company, and also has a number of joint ven-
largest gas discovery to be made in the remote tures with it in Western and Eastern Siberia.
The find was made Taymyr peninsula in the Russian Arctic.
near the Vostok Oil The find was made by Yermak-Neftegaz, Exporting gas to Europe
project. a joint venture between Rosneft and BP, at the Rosneft is developing several large gas pro-
Verkhnekubinsky block. Rosneft estimated its jects in Western Siberia including Kharampur,
size at 384bn cubic metres (bcm) of gas, noting where it is partnered with BP, and another one
that the field was characterised by “high produc- called Rospan. But these projects are currently
tivity rates.” It said commercial reserves had been set to supply the domestic market only, as Ros-
identified in five deposits in Lower Cretaceous neft lacks access to Russia’s gas export pipelines
rock. – where Gazprom has a monopoly.
The field was named E. N. Zinicheva, named The situation could change, however, in light
after Russia's former minister of emergency of a significant gas supply crunch taking place
situations, Yevgeny Zinichev, who died in an in Europe at present. Russia’s energy ministry
accident in the Krasnoyarsk region where it is publicly threw its support behind Rosneft being
located in September. granted access to Gazprom’s pipelines earlier this
Rosneft noted the field’s close proximity to month, but said it would be up to the two compa-
its Vostok Oil project, comprising a cluster of nies to reach an agreement.
large-sized oil and gas fields in Russia’s far north. Were Rosneft to secure export rights, BP
Vostok Oil is primarily oil-focused, with the would be there to buy the gas, its CEO Ber-
expectation that it will one day produce 2mn nard Looney suggested on the sidelines of the
barrels per day of crude. But Rosneft also hopes ADIPEC conference in Abu Dhabi on Novem-
to use it as a resource base for LNG development, ber 15.
estimating that it could one day deliver 50mn Asked if BP could be the buyer, he said: “it
tonnes per year of super-cooled gas to markets. could be BP. Rosneft and BP have a long-stand-
Rosneft has already attracted Trafigura, Vitol ing relationship.” He added that he had discussed
and Mercantile & Maritime as equity partners Rosneft’s potential for gas exports in the future
at Vostok Oil, with interests of 10%, 5% and 5% with the Russian company’s CEO Igor Sechin.
respectively. BP is yet to come on board as a part- In 2017, the two companies signed a mem-
ner, although sources tell NewsBase that enter- orandum on the potential purchase of gas from
ing the project is under consideration. Rosneft by BP for delivery to the European mar-
BP is by far Rosneft’s closest upstream part- ket. But Russian law prevented the pair from
ner. It owns a 19.75% share of the Russian oil reaching a binding sales agreement. ™

P10 www. NEWSBASE .com Week 47 24•November•2021