Rosneft, PetroVietnam to form Pechora Sea JVs
Rosneft, PetroVietnam to form Pechora Sea JVs
MOSCOW -- Rosneft and PetroVietnam have reached an agreement to create joint ventures for work at two blocks -- Yuzhno-Russky and Zapadno-Matveevsky -- on the Pechora Sea shelf.
Rosneft’s share in the JVs will amount to 66.67%; PetroVietnam will get a 33.33% stake.
Overall recoverable reserves from the two blocks are estimated at 367 million tons of oil and 64 Bcm of gas; overall ABC1+C2 recoverable reserves are 13 million tons of oil and 52 Bcm of gas.
Geological prospecting and exploration in compliance with license commitments regarding the two blocks requires the drilling of 5 exploration wells and a seismic survey. The cost for the work is provisionally estimated at $1.5 billion.
