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Rosneft Oil Company

July 4, 2006

Rosneft wins auction for North-Charsky prospect

On July 4, 2006 Rosneft won the auction held in Moscow for the right to develop the North-Charsky prospective petroleum site located on the border between the Dolgano-Nenets (Taimyr) and Yamal-Nenets Autonomous Districts.

The company bid 4.73 billion rubles for exploration and production rights at the site.

According to estimates of Rosneft specialists, recoverable resources at the 605 sq.m. North-Charsky site are forecast at 35 million tons of oil and 20 billion cubic meters of natural gas.

The site is close to the Vankor field, where commercial oil production is scheduled to commence in 2008.

Rosneft’s participation and success at the auction are part of its ongoing strategy to increase oil production through prospective reserves in the East Siberian region. The strategy involves the integrated development of East Siberian fields, which will become the main source of crude for the East Siberia – Pacific Ocean strategic export oil pipeline.

At the start of this year, Rosneft won auctions for exploration and production rights at the Tukolandsky, Vadinsky and Pendomayakhsky sites, also located in the Yamal-Nenets and Dolgano-Nenets (Taimyr) Districts and in the Krasnoyarsk Territory. According to Rosneft data, the estimated recoverable resources of these sites total 50 million tons.

 

 

 

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