Rosneft to Return Several Licenses to the State

Rosneft aims to improve the structure and balance of its hydrocarbon reserves, and therefore, will return licenses for a number of unpromising deposits in the Stavropol territory and republic of Daghestan into non-distributed mineral reserves fund. In particular, NK Rosneft-Stavropolneftegaz will return licenses for geological exploration and prospecting for hydrocarbon crude at the Severo-Kolodezny and Prikanalny deposits with the summary C3 reserves around 600 thousand tons that have turned out to be unpromising.

Stavropolneftegaz will return a license for development of the Zhuravsky deposit with extremely weak physical and chemical properties of the mud shale. In absence of technologies in the world practice that would make development of this deposit profitable, and in order not to allow unrecoverable losses (6.8 million tons of C1 Cat.) it will be transferred for conservation into non-distributed reserves fund of the Stavropol territory.

In Daghestan, three licenses will be returned by NK Rosneft-Dagneft working in the republic territory: for the Zimnikovsky, Yuzhno-Oktyabrsky and Karabudakhentsy deposits whose summary recoverable reserves are estimated in Ñ3 Cat. at approximately 3.5 million tons of oil.

The Daghestan deposits are acknowledged unprofitable because of in-depth occurrence (4.5–5.5 thousand m) of relatively small hydrocarbon reserves.