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Rosneft Oil Company

March 11, 2009

Plans for development 245-South block in Algeria are approved

Algerian National Agency for the Valorisation of Hydrocarbons Resources ALNAFT has approved the plans for development of the fields of Eastern Takuazet, Western Takuazet and Northern Tesselit located at Gara Tesselit area (block 245 South) at the oil and gas basin Illizy at the East of Algeria by Algerian-Russian alliance Sonatrach/Rosneft-Stroytransgaz Ltd.

The Alliance has been formed in the year 2001 by Algerian National Oil and Gas Company Sonatrach (40%) and joint venture of Rosneft and Stroytransgaz - Rosneft-Stroytransgaz Ltd. (60%).

The first plan includes the development of two oil fields Eastern and Western Takuazet, discovered in the years 2003-2004, and the second - gas condensate field Northern Tesselit, discovered in the year 2006.

In accordance with the Production Sharing Agreement on the terms and conditions of which the contract for the development of the block 245-South has been executed, each of the parties are entitled dispose on their own their share of oil, which will be produced at Gara Tesselit area. As regards to the gas, according to the framework agreement signed in the year 2008 Sonatrach shall be responsible for selling of all produced gas.

The oil and gas fields would be put into operation within the period from 2009 to 2012.

Within the period of exploration works, which has commenced at the year 2001 and has been completed at December 31, 2007, the seismic surveys 2D has been performed in the volume of 1,200 linear kilometers and 490 km2 of the 3D seismic surveys, and also 6 exploration wells have been drilled with the aggregate depth of 16.3 thousand meters. The total cost of performing of exploration works has amounted over USD 100 mln.


Note for editors

In 2001, a consortium of Russian companies Rosneft and Stroytransgas won the first international tender in Algeria for exploration, development and production of hydrocarbons on territory of 245-South block. The block with area of 6548 km2 is located on East of Algeria in oil and gas basin of the Illisi and looks like a plateau with rocks, dried up river channels and sand-dunes. A highway as well as oil- and gas pipelines are running thought the block. For working as operator during exploration works a joint company Rosneft-Stroytransgaz Ltd was created.

On March 24, 2001 a contract with Sonatrach for developing of Gara Tesselit on conditions of product sharing was made. The President of Algeria signed a decision about coming this Contract into force on May 2001 giving effect to production sharing agreement. Share of Sonatrach in production sharing agreement is 40%, Rosneft-Stroytransgaz Ltd. has 60%. For meeting requirements of the legislation of Algeria for exploration and development of the fields, Rosneft-Stroytransgaz Ltd. And Sonatrach registered a joint extractive enterprise Gara Tesselit on October 14, 2008 with economic interest similar to production sharing agreement.




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