Russian producer Rosneft has discovered a new field near the Vankor field, with estimated oil reserves predicted to add almost 500 million barrels to the state-run company’s reserves.

The new field lies in the Baikalovsky Block, one of 14 blocks adjacent to the giant Vankor oilfield in East Siberia, the company said.

Tests on the find are continuing, but scientists say that the new field’s minimum oil reserves could stand at 55 million tons (404 million barrels) and minimum gas reserves at 99 billion cubic metres.

Vankorneft is the Rosneft unit that operates Vankor and is responsible for making the new discovery.

Production from Vankor is earmarked for Russia’s new Chinese pipeline, currently under construction.

By staff writer