Rosneft and BP have teamed up in pursuit of hydrocarbon resources in East and West Siberia.
In a news release, the companies said they have signed agreements to create a joint venture (JV) to explore in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.
Called Yermak Neftegaz LLC, the JV will focus on onshore exploration of two areas of mutual interest (AMIs) in the two basins covering a combined area of about 260,000 sq km, according to the release. Yermak Neftegaz will be owned 51% by Rosneft and 49% by BP.
Initially, the JV will carry out additional appraisal work on the 2009 Rosneft-discovered Baikalovskiy Field inside the Yenisey-Khatanga AMI and on exploration of Zapadno-Yarudeiskoye, Kheiginskoye and Anomalnoye licenses in the West Siberian AMI.
Exploration activities in the two AMIs will include regional research, acquisition of seismic data and drilling of exploration wells, with the beginning of field works anticipated in the winter season of 2016-2017, the release said. The preliminary agreement relating to this project was signed at SPIEF in 2015.
BP has committed to provide up to $300 million in two phases as its contribution to the cost of the JV’s activities at the exploration stage, the release said. Rosneft will contribute licenses and operational experience in West Siberia and Yenisey-Khatanga with initial drilling to be performed by Rosneft subsidiaries.
Recommended Reading
Haynesville’s Harsh Drilling Conditions Forge Tougher Tech
2024-04-10 - The Haynesville Shale’s high temperatures and tough rock have caused drillers to evolve, advancing technology that benefits the rest of the industry, experts said.
CERAWeek: Large Language Models Fuel Industry-wide Productivity
2024-03-21 - AI experts promote the generative advantage of using AI to handle busywork while people focus on innovations.
TGS, SLB to Conduct Engagement Phase 5 in GoM
2024-02-05 - TGS and SLB’s seventh program within the joint venture involves the acquisition of 157 Outer Continental Shelf blocks.
2023-2025 Subsea Tieback Round-Up
2024-02-06 - Here's a look at subsea tieback projects across the globe. The first in a two-part series, this report highlights some of the subsea tiebacks scheduled to be online by 2025.
StimStixx, Hunting Titan Partner on Well Perforation, Acidizing
2024-02-07 - The strategic partnership between StimStixx Technologies and Hunting Titan will increase well treatments and reduce costs, the companies said.