Rosneft, CNPC sign MOU to expand cooperation in East Siberia

10/18/2013

Rosneft, CNPC sign MOU to expand cooperation in in East Siberia

MOSCOW – Rosneft’s Igor Sechin and China National Petroleum Corporation’s Zhou Jiping have signed a Memorandum to expand cooperation between their companies in upstream projects in East Siberia.

The Memorandum describes a joint venture (JV) for upstream developments in East Siberia with Rosneft holding a 51% stake. The remaining 49% will be held by CNPC.

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.

Srednebotuobinsk is a world-class field located close to the ESPO pipeline. The field’s reserves placed in the State Reserve Register include C1+C2 oil and gas condensate reserves of over 134 mln tonnes and over 155 bcm 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 have been approved by the government.

Taas consolidation offers the creation of a new oil and gas province through access to a large number of smaller fields in the region.

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