Rosneft to invest $6 bln in offshore projects

Russia's Rosneft to invest $6 bln in offshore oil projects

Russia's state-controlled oil company Rosneft intends to invest about $6 billion in developing offshore fields in the next few years, CEO Sergei Bogdanchikov said.

Bogdanchikov said Rosneft's investment in offshore deposit projects had already reached about $13 billion and "in the coming years, another $6 billion will be invested."He said Rosneft, which became Russia's largest oil producer after acquiring most of the assets of bankrupt oil firm Yukos through liquidation auctions in 2007, intends to carry out work on the shelf of the Sea of Okhotsk in the Arctic, and in the Caspian, Azov and Black seas.

Bogdanchikov earlier said Rosneft planned to bid for 30 Arctic offshore oil deposits.Bogdanchikov cited a Russian Natural Resources Ministry report that estimates Russian Arctic shelf exploration costs to be about 9-9.5 trillion rubles (about $307-324 billion).

He also added that, according to the law, only Gazprom, Rosneft and "maybe, one or two more companies" can work in the region.Bogdanchikov also said that Rosneft planned to produce 11-13.5 million metric tons (80-100 million barrels) of oil at the giant Vankor oil and gas deposit in East Siberia in 2010. 

  -  Copyright 2009, RIA Novosti. All rights reserved.  

Back