Project Profile
Value: US$1.5 billion
Location: Pechora Sea shelf, northwest of Russia, Southeastern part of the Barents Sea, Russia
Reserves: 367 million tons of oil and 64 billion cubic meters of gas (overall ABC1+C2 recoverable reserves are 13 million tons of oil and 52 billion cubic meters of gas)
Area: Unknown
Depth: Unknown
Start-up Year: -
Rosneft and PetroVietnam Oil and Gas Group have reached an agreement to create joint ventures for work at two blocks of the Pechora Sea shelf. Rosneft share in the JV will amount to 66.67%, and PetroVietnam will get 33.33%. The agreements were reached within the Agreement on general cooperation for geological exploration, hydrocarbons exploration and production on the Pechora Sea shelf regarding Yuzhno-Russky and Zapadno-Matveevsky license blocks signed by the companies 12 November 2013. Overall recoverable reserves from the two blocks are estimated at 367 million tons of oil and 64 billion cubic meters of gas; overall ABC1+C2 recoverable reserves are 13 million tons of oil and 52 billion cubic meters of gas. Geological Prospecting and Exploration in compliance with license commitments regarding the two blocks requires drilling of 5 exploration wells and seismic survey, and is provisionally estimated at US$1.5 billion.
Operators:
Rosneft: Operator with 66.67% interest
PetroVietnam: 33.33% interest