Rosneft has completed the previously announced transaction to sell a 20% stake of Taas-Yuryakh Neftegazodobycha (Taas) to BP, creating a new joint venture (JV) in Eastern Siberia.
The deal will allow Rosneft and BP to jointly develop the Srednebotuobinskoye oil and gas condensate field located in the Sakha Republic, Yakutia which is currently producing 20,000 barrels a day.
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The Srednebotuobinskoye field operated by Taas has reserves under Taas-Yuryakh Neftegazodobycha’s ?1+?2 licensed areas total 167 million tonnes of liquid hydrocarbons as well as 180.5 bcm of gas.
In addition Rosneft plans to select a second partner in its subsidiary to develop the field, which the company said that it will have positive effect on the development of the project in the long run.
Rosneft chairman of the management board Igor Sechin said: "We see ample potential for the expansion of this project as well as for development of our activities in nearby license blocks.
"We hope for integrated cooperation in the development of Eastern Siberia’s reserves together with our strategic partner and shareholder, BP."
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By GlobalDataBP Russia president David Campbell said: "We look forward to working together with our partner Rosneft on this project.
"We believe it will offer us new opportunities to increase productivity of the existing field and to discover new fields. This new joint venture reinforces BP’s commitment as a long term strategic investor in Russia."
Rosneft announced the sale of a 20% share of its subsidiary in June 2015 at the St Petersburg International Economic Forum.
At that time, the companies also agreed to explore two additional areas of mutual interest (AMI) jointly in the West Siberian and Yenisey-Khatanga basins which cover a combined area of about 260,000km².
Image: Rosneft signs agreement to sell 20% stake of Taas-Yuryakh Neftegazodobycha to BP. Photo: © ROSNEFT
