Page 16 - FSUOGM Week 32

FSUOGM INVESTMENT FSUOGM

Rosneft cleared to transfer blocks

to new Equinor JV

RUSSIA RUSSIA’S Rosneft has secured clearance from Domanik limestone formations in Russia’s
the government to transfer five Eastern Siberian Samara region through their Domanik Oil
Rosneft generally only blocks to a subsidiary expected to serve as a joint joint venture. The head of Domanik Oil, Pavel
partners with IOCs at venture with Norway’s Equinor. Stavinsky, was appointed to lead Krasgeonats
technically challenging According to government decrees published in June.
or extremely costly online, Rosneft has received approval to transfer Equinor and Rosneft also took a final invest-
projects. the Danilovsky, Verkhneichersky, Preobrazhen- ment decision (FID) in December last year on
sky, Mogdinsky and Sanarsky blocks to Kras- developing deep layers at the North-Komsomol-
geonats. All five are situated in the Katangsky skoye field in Russia’s Yamalo-Nenets region. The
district of the Irkutsk region. move came after seven years of joint studies at
German regulators approved Rosneft the site.
and Equinor having joint control of Kras- Rosneft generally only partners with interna-
geonats at the start of the year. Rosneft controls tional oil companies (IOCs) at technically chal-
Krasngeonats through its RN-Vankor subsidi- lenging or extremely costly projects.
ary, which also operates the giant Vankor oilfield Rosneft has a dominant position in Eastern
and its satellites. Siberian oil production. Most of the oil it extracts
A number of discoveries have been made at in the region is exported to China and other
the blocks over the last decade. In 2011, Ros- Asia-Pacific markets, via the Eastern Siberia –
neft reporting finds two oil and gas fields in the Pacific Ocean (ESPO) pipeline system.
Sanarsk and Preobrezhensky blocks, containing In related news, Rosneft said on August 5 it
80mn tonnes (586mn barrels) of recoverable had drilled its first production well targeting the
crude each. Three more discoveries were made Vendian layers of the Yurubcheno-Tokhom-
at the Mogdinsky block in 2013. skoye field – one of its largest in Eastern Siberia.
Then in 2016, Rosneft reported the discov- The well is flowing 149 tonnes (1,092 barrels) of
ery of a large field at the Verkhneichersky block, ultra-light, low-sulphur oil per day. Rosneft said
with an estimated 61mn tonnes (447mn barrels) the oil was more similar to Brent than Urals, Rus-
in C1+C2 oil reserves. sia’s main export grade.
Equinor has been active in Russia for more Yurubcheno-Tokhomskoye was brought on
than 20 years, and formed a strategic pact with stream in 2014 and two years later, the field was
Rosneft in 2012 to work more closely at projects. connected to the ESPO system via a 100,000 bpd
The companies have been assessing the spur. Rosneft plans to drill 15 more wells into the
potential for commercial production at field’s Vendian layers by 2025. ™

P16 www. NEWSBASE .com Week 32 12•August•2020