Rosneft project in the Solimões basin gets priority status

6/18/2019

MOSCOW -- The government of the Brazilian state of Amazonas assigned the priority status to Rosneft’s project in the Solimões basin.

According to the letter of intent signed between Rosneft Brasil (a 100% subsidiary of Rosneft) and the government of the Brazilian state, regional authorities are to provide conditions for the implementation of Rosneft’s project. In particular, provision of tax incentives to the project, support for the construction of the necessary infrastructure and environmental licensing, and more are envisaged.

The development of the gas business is one of the key priorities of Rosneft. The Company implements a number of successful gas projects in several countries around the world. In Brazil, in the Solimões basin, Rosneft is developing an upstream project with gas potential. The Company owns 13 license areas with the total acreage of about 32,600 km2. Estimated by DeGolyer and MacNaughton, the areas contain contingent resources of natural gas in the volume of 60 Bcm.

The prospective oil & condensate resources amount to 57 million tons, gas to 176 Bcm. Solimões is the key project for further expansion of Rosneft Brasil’s exploration activities in the state of Amazonas.

Among the non-OPEC countries, Brazil is one of the leaders in the hydrocarbon output growth. According to experts, Brazil’s dynamic output increase and discoveries of large offshore fields can make the country one of the major hydrocarbon producers in the world.

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