Rosneft Uncovers New Oil and Gas Condensate Field in Taimyr Area

A new oil and gas condensate field was discovered on Baikalovskiy License Block in the Taimyr Autonomous Area, Krasnoyarsk Territory.
The field was discovered by geologists of Vankorneft, a subsidiary of Rosneft, which develops the Vankor oil and gas condensate field in the Turukhansk District.

The Baikalovskiy Block is located 80 kilometers north of Dudinka and is one of 14 blocks adjacent to Vankor for which Rosneft holds the license.

According to Vladimir Krinin, Deputy Director for Geology and Geophysics of Vankorneft, testing of well #1 on Baikalovskiy Block resulted in a natural flow production of hydrocarbons from 2000-2700 m interval with daily gas production over 60,000 cubic meters and daily oil and condensate production over 25 cubic meters, all of which proved the discovery of a new field.

Tests are currently under way and, according to preliminary estimates by geologists, the new field's minimum oil reserves are 55 million tonnes and minimum gas reserves are 99 bcm. Application documents are now being prepared to register the discovery.

In accordance with the Purchase and Sale Agreement with China National Petroleum Corporation, Rosneft will repay the loan with a part of proceeds from oil supplies.