Russia’s Rosneft to develop new oil fields in east Siberia

April 28, 2014

Russia’s Rosneft plans to develop new oil fields in East Siberia, which will provide additional annual production of more than 30 million tons of oil and 8 billion cubic meters of gas in the region through 2020, RIA Novosti reported on April 25.

"The budget income over the lifespan of these projects is estimated at almost 14 trillion rubles [$390 billion]," Rosneft head Igor Sechin said. The company plans to invest about 3 trillion rubles in the development of the oil fields in East Siberia until 2025, the main cluster being the Vankor fields and new equities of Taas-Yuriakh and Yurubcheno-Tokhomskoye, Rosneft Vice President for Economics and Finance Svyatoslav Slavinskiy said in February. This cluster alone could produce 55 million tons of oil per year by 2025.

Sechin said the company has a resource potential of some 9 billion tons of oil and around 9 trillion cubic meters of gas in the Okhotsk, Chukotsk, Laptev, and East Siberian seas. “The company presently owns 21 licenses for the shelf areas in the Okhotsk, Chukotsk, East Siberian, and Laptev seas. The resource potential of these areas is 9 billion tons of oil and around 9 trillion [cubic meters] of gas,” Sechin said during a government meeting on the social and economic development of the Far East. Meanwhile, Rosneft intends to triple its investment in the Far East, Sechin stated.

Copyright: RIA Novosti, 2014