Rosneft and CNPC to form 51:49 JV for upstream projects in East Siberia
18 October 2013
Russia’s Rosneft and the China National Petroleum Corporation signed a Memorandum to expand cooperation in upstream projects in East Siberia. The Memorandum describes a joint venture 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 14 October, Rosneft consolidated 100% of Taas-Yuriakh Neftegazodobycha which holds the license to develop this field.
Srednebotuobinsk is a world class field located close to the Eastern Siberia–Pacific Ocean (ESPO) pipeline. The field’s reserves placed in the State Reserve Register include C1+C2 oil and gas condensate reserves of more than 134 million tonnes and more than 155 billion cubic meters 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 Taas 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. Taas consolidation offers the creation of a new oil and gas province through access to a large number of smaller fields in the region, Rosneft said. The crude is ideally placed to go to Rosneft refineries and customers located in the region and for export to the Far East.
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