Friday, April 22, 2011

Rosneft and Lukoil team up to jointly explore Arctic shelf

Rosneft will open its licencing zones to Lukoil off of Russia's oil-and-gas-rich Arctic Yamal peninsula.

Given the successful development of their mutual cooperation, and with the goal of raising the profitibility of existing projects, Rosneft and Lukoil have agreed to join forces in the following areas:
  • Oil exploration & development, development and transportation of hydrocarbons in the license areas of the Nenets Autonomous District;
  • Exploration in the areas licensed to Rosneft on Russia’s Arctic shelf and development of fields that are already open, within the framework of current Russian legislation;
  • Development of the market for domestic petroleum products, petrochemicals, gas processing and base oils;
  • Joint marketing of associated and natural gas from fields in the Bolshekhetskaya and Vankor zones;
  • Joint deliveries of petroleum products, liquefied gas and petrochemical products to the distribution and production facilities of both companies;
  • Development of solutions for improving production efficiency for petrochemical products, oil and gas, in Russia and abroad;
  • Use of existing logistics infrastructure, including transshipping facilities for crude oil, refined pretroleum products and petrochemical products that are for export; and development and execution of transportation infrastructure projects for petroleum products, including the construction of a product pipeline interconnecting with the "Moscow product ring," and the "South” project.

Key projects of Rosneft and Lukoil:
1. Joint transportation of gas from the Vankor field and the Bolshekhetskaya Depression.
On 12 April 2011, Lukoil and Rosneft signed an agreement, under which Rosneft will independently transport gas from the Vankor field and adjoining license areas to Lukoil’s infrastructure. In turn, LUKOIL will transport gas through its facilities to Gazprom’s gas transportation system. At present, Lukoil and Rosneft are building their own gas pipeline sections and infrastructures.
2. Priazovneft
Rosneft and Lukoil each own a 42.5-percent stake in Priazoneft.  The Administration of the Krasnodar Territory owns the remaining 15 percent. Priazovneft is developing the Temryuksko-Akhtarsk license area on the shelf of the Azov Sea. In 2008, the “New” oil field was opened. The field’s recoverable reserves are: Oil: C1 - 0.87 million tonnes; C2 – 2.25 million tonnes; Gas: C1 – 319 million m3; C2 - 820 million m3. Seismic work is currently underway.
3. Caspian Oil Company
Rosneft and Lukoil each own 49.9 percent of the Caspian Oil Company; Gazprom owns the remaining 0.2 percent. In 2008, the West-Rakushechnaya field in the north-Caspian area was opened. In 2010, an assessment well was drilled at the Ukatnaya structure. Open non-industrial deposit.

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