Rosneft Preps to Drill 2 Wells Offshore at West Kamchatka

Rosneft has big plans for the summer. The Russian oil big-leaguer wants to drill two wells offshore at its block in West Kamchatka, reported Russian media.

In April, the company will seek permission from the Russian Federal Service for Natural Resources Agency, which will extend Rosneft's license past its Aug. 1 expiration date.

According to reports, the Federal Service for Natural Resources Agency has already stated that it will extend Rosneft's license.

The West Kamchatka shelf is located in the Sea of Okhotsk offshore eastern Russia.

Rosneft signed an agreement with Korea National Oil Corporation (KNOC) in December 2005, giving KNOC a 40% stake in the development project.

Reserve estimates for the area make the shelf comparable to the Sakhalin-1 and -2 projects, with 900 million tons of fuel equivalent.

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