Russia's Rosneft Says Production Not Started at East Siberian Oilfield

Reuters

MOSCOW, Nov 4 (Reuters) – Russia's largest oil producer Rosneft said on Friday it had not yet started production at the Yurubcheno-Tokhomskoye oilfield in eastern Siberia and had not begun shipments to a pipeline, reversing comments made earlier in the day.

The field is connected to the main East Siberia-Pacific Ocean pipe, mainly used for supplies to China.

The company has said it plans to launch new facilities at Yurubcheno-Tokhomskoye for industrial-scale production in 2017. China's Sinopec has shown an interest in buying into the field, according to Russian media.

Rosneft expects Yurubcheno-Tokhomskoye to reach peak production of up to 5 million tonnes a year (100,000 barrels per day) in 2019.

Last week, Russian President Vladimir Putin, who has pledged to join a global pact to cap oil output, gave the green light to start production at a new Caspian Sea field owned by the country's No.2 oil producer Lukoil.

Russia's move to continue opening up oilfields has added to uncertainty over whether global producers' will be able to reach a deal to limit output and so support crude prices.

(Editing by Christian Lowe)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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