Rosneft Acquires Exploration License in Nenets Autonomous District

Rosneft acquired a license to explore the Naulsk oil field, located in the Nenets Autonomous District. The Company paid RUB 3.6 billion for the license at auction.

It is assumed that OOO Severnaya Neft, a Rosenft subsidiary, will be the operator of the project. Severnaya Neft is already engaged in exploration and production activities at three fileds - Cherpayusk, Nadeiyusk and Khasyreysk, which are part of the Val Gambourtseva oilfield.

Naulskoye's oil reserves, classified as C1 and C2, are estimated at 51.3 million tons of oil. Production should reach a maximum volume of one million tons per year. The lot size is 70.7 square kilometers. At a minimum, the cost of exploring the field is estimated at 1.5 billion rubles, including for the drilling of three wildcat wells and one exploration well, in addition to the gathering of 2-D and 3-D seismic data.

Field commissioning expected in 2016.

Polar Lights, a joint venture between Rosneft and ConocoPhillips, is currently exploring five fields in the Ardalinsk Group, which are also located in the Nenets Autonomous District.

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