ROSNEFT & BP: 20%
Rosneft and BP announce the completion of the transaction to sell a 20 per cent share of Taas-Yuryakh Neftegazodobycha LLC to the British company.
The joint venture between Rosneft and BP based on Taas-Yuryakh Neftegazodobycha LLC will continue further development of the Srednebotuobinskoye oil and gas condensate field which is one of the largest fields in the Eastern Siberia. The JV will also undertake the development of suitable infrastructure for further exploration and development of the region's reserves.
The companies' cooperation within the project will contribute to expanding local infrastructure and boosting production capacities of these Eastern Siberian fields, one of the key regions of Rosneft's business.
Rosneft also plans to select a second partner in Taas-Yuryakh Neftegazodobycha, which will have positive effect on the project's development in the long term.
Commenting on the deal closure, Rosneft Chairman of the Management Board Igor Sechin said: "We see ample potential for the expansion of this project as well as for development of our activities in nearby license blocks. We hope for integrated cooperation in the development of Eastern Siberia's reserves together with our strategic partner and shareholder, BP".
David Campbell, President BP Russia, said: "We look forward to working together with our partner Rosneft on this project. We believe it will offer us new opportunities to increase productivity of the existing field and to discover new fields. The new joint venture reinforces BP's commitment as a long term strategic investor in Russia".
Final binding agreements for Rosneft's sale to BP of a 20 per cent share of Taas were signed by the parties in June 2015 at the St. Petersburg International Economic Forum.
Taas-Yuryakh Neftegazodobycha, a Rosneft subsidiary, operates the Srednebotuobinskoye oil and gas condensate field, which is located in the Sakha Republic, Yakutia. The field's reserves under Taas-Yuryakh Neftegazodobycha's С1+С2 licensed areas total 167 mln tons of liquid hydrocarbons and 180.5 bcm of gas.
In November 2014, Taas-Yuryakh Neftegazodobycha produced its one millionth ton of oil after the Srednebotuobinskoye oil and gas condensate field was commissioned in October 2013, owing this result to efficient geological and technical measures, and the construction of wells and infrastructure, including oil and gas containment and treatment units and a delivery/acceptance station.
Also the company constructed a 169 km-long pipeline to the Eastern Siberia-Pacific Ocean oil pipeline system.
Today there are as many as 50 producing wells, which deliver about 2.5 thousand tons of crude every day.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.