Rosneft has been awarded the right to develop the Erginskoye licence area in Russia for RUB20.7bn ($330m) as a result of an auction process.

The area is located in the Khanty-Mansiysk autonomous district and has aggregate reserves of 103 million tonnes under C1+C2 categories.

It is said to represent the largest licence area from unallocated fund of the country.

The state-owned oil and gas major is of the view that the area will be of great importance in one of the most prospective production clusters in the sector.

RN-Yuganskneftegaz is owned by Rosneft and forms a significant part of the cluster as it accounts for 26% of production in Khanty-Mansi Autonomous Area-Yugra, and around 12% of the total oil and gas production in the country.

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Additionally, since the start of the year, Rosneft has been engaged in the implementation of the Kondaneft project, which comprises Kondinsky, Zapadno-Erginsky, Chaprovsky and Novo-Endyrsky license areas in the district.

"The acquisition is commensurate with the company’s strategy to maximise its operation efficiency in the region."

The acquisition is commensurate with the company’s strategy to maximise its operation efficiency in the region.

It is contiguous with Rosneft's fields in the district, namely Priobskoye (RN-Yuganskneftegaz) and Zapadno-Erginskoye (Kondaneft).

The company intends to achieve synergy and accelerated development of the Kondinskoye group of fields and the Erginskoye area through an integrated approach.

It further noted that the established infrastructure within the Kondaneft project, in addition to RN-Yuganskneftegaz' existing resources will be of use in the developmental approach.

Image: Through the acquisition, the company intends to maximise its operation efficiency in the region. Photo: courtesy of aoenday/flickr.com.