Rosneft Offers CNPC Stake in Siberian Oil Producer – Sources


MOSCOW, Sept 10 (Reuters) – Russia's top oil company Rosneft has offered a stake in an East Siberian oil producer to China National Petroleum Corp as a part of their broader cooperation, sources close to the matter said on Tuesday.

The sources said that Rosneft offered a stake of up to 30 percent in oil firm Taas-Yuryakh (TYNGD), in which it owns 35 percent and is bidding for the rest of the company.

Sources said the talks were in the early stages.

Rosneft declined to comment, while CNPC was not immediately available.

Earlier this year Rosneft agreed to more than double its oil supplies to China from the current 300,000 barrels per day it ships with the first phase of East Siberia - Pacific Ocean pipeline.

Russia, the world's top oil producer, has until now been reluctant to cede a significant share of its oil riches to China – the world's second largest consumer – with Rosneft preferring to sign long-term supply deals backed by multi-billion-dollar loans.

But Rosneft, which in March acquired Anglo-Russian oil firm TNK-BP for $55 billion, needs to increase its upstream base to honour its pledge to increase sales to China.

Taas-Yuryakh initially plans to produce up to 1 million tonnes a year (20,000 barrels per day) from its East Siberian Srednebotuobinskoye field and aims to increase output to 6.15 million tonnes (120,000 bpd) by 2016.

The field, with reserves of almost 1 billion barrels, is connected to the East Siberia-Pacific Ocean trunk by a 160 km pipeline.

(Reporting by Vladimir Soldatkin and Olesya Astakhova; editing by Katya Golubkova and Louise Heavens)


Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Orlando, FL
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Chicago, IL
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours