Rosneft and Statoil agree to move joint development of the North-Komsomolskoye field into the next phase
Vladivostok. RN-Exploration and Production LLC, Rosneft subsidiary and Statoil Russia AS, Statoil ASA subsidiary, signed the shareholders and operating agreement at the Eastern Economic Forum. The document is signed with regards to SevKomNeftegaz LLC, an enterprise that will serve as a basis for a future North -Komsomolskoye joint field development.
The Document was signed in elaboration of agreements on the cooperation within the North-Komsomolskoye Field reached by Rosneft and Statoil in 2013. In accordance with the document signed Statoil is planning to acquire 33,33% in SevKomNeftegaz LLC. The agreement also approves the principles of the asset management at the development stage.
The Parties emphasized successful implementation of the pilot project on drilling and testing two wells for high-viscous oil production from the PK1 formation of the North-Komsomolskoye Field: due to the works carried out in 2015-2016, 2P oil and condensate reserves (PRMS) of the field increased from 52 to 111 million tons. Start of test production at PK1 layer will lay the ground for a full-scale field development.
Development of the North-Komsomolskoye Field will give Rosneft an opportunity to involve new reserves of high-viscous oil into production and realize exploration potential of the license block as well as facilitate the replenishment of the resources base and maintain the oil production level in the Yamal-Nenets Autonomous District.
Commenting on the agreement signed Rosneft Chief Executive Officer Igor Sechin said: “The document signed opens an important stage in the long-term cooperation of Rosneft and Statoil. Successful completion of pilot project confirms the efficiency of cooperation with the industry’s majors in implementation of technologically complex projects. I’m convinced that both companies will use their experience in the production of high-viscous oil when developing North-Komsomolskoye field”.