Russia’s Rosneft completes first stage of Magadan offshore exploration

Rosneft has completed the first stage of exploration works at the licensed offshore blocks Magadan-1, 2 and 3. Environmental studies, a large volume of 2D seismic accompanied with magnetic and gravimetric studies have been completed ahead of schedule.

Rosneft received the licenses at the end of 2011. Independent auditors estimated the blocks’ recoverable reserves at 1.4bn tons of oil and condensate and 1,758bn cubic meters of gas.

Rosneft currently works in practically all the Russian seas. It began to work in the Okhotsk Sea more than 30 years ago, and it was the first Russian firm to start geological surveys offshore in the 1970s.

International companies are also interested in the Magadan shelf. Rosneft has partner relations with Norway’s Statoil regarding Magadan-1. Currently the works are at earlier stages and it will take quite long before the first oil will be produced.

Copyright: Energyland, 2014