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NK Rosneft' OAO and CNPC to Form Joint Venture for Upstream Developments in East Siberia


Thursday, 17 Oct 2013 08:00pm EDT 

NK Rosneft' OAO (Rosneft) announced that Rosneft President and Chairman of the Management Board Igor Sechin and Chairman of the China National Petroleum Corporation (CNPC) Zhou Jiping have signed a Memorandum to expand cooperation in upstream projects in East Siberia in the presence of first vice premier of the People’s Republic of China Zhang Gaoli. The Memorandum describes a joint venture (JV) for upstream developments in East Siberia with Rosneft holding 51% and CNPC, the remaining 49%. Development of Srednebotuobinsk field will serve as foundation for the future JV. On October 14, 2013 Rosneft consolidated 100% of Taas-Yuriakh Neftegazodobycha which holds the license to develop this field. The field’s reserves placed in the State Reserve Register include C1+C2 oil and gas condensate reserves of over 134 million tons and over 155 bam of gas. Oil production at the field started in October 2013. Gas reserves development is of special importance in the context of supplies via the regional pipeline system that has been approved by the Government. The consolidation of Tamas is part of the commitment Rosneft has to invest in the development of East Siberia and the Russian Far East through production, refining and distribution assets. Tamas consolidation offers the creation of a new oil and gas province through access to a number of smaller fields in the region.