Russia’s Rosneft May Invite Partner to Develop Sakhalin-5 Project

March 14, 2013

Prime reports that Russia’s largest state-controlled oil company Rosneft may attract a new partner into the Sakhalin-5 oil and natural gas project, abandoned by the U.K. giant BP late in 2012, a Rosneft representative told PRIME on Wednesday.

“Rosneft is now implementing the project alone, but does not rule out taking a partner among the leading energy firms,” he said.

Last year Rosneft received permission from the Federal Antimonopoly Service to increase its stake in Elvary Neftegaz, a joint venture with BP to 100% from 51%.

The Sakhalin-5 project is located on the shelf of the Sakhalin Island. The total oil reserves of the project’s two fields, Vostochno-Shmidtovskoye and Kaigansko–Vasyukanskoye, are estimated at about 550 million tonnes, and gas reserves are estimated at 41 billion cubic meters.

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