Rosneft acquires 5 licensing blocks near Magadan, Sea of Okhotsk

A few weeks ago, I wrote about the possibility of a licensing deal for the northern shelf of the Sea of Okhotsk, near Magadan, Russia.  (Read ‘A Potential Magadan Oil and Gas Play‘ here).  It was officially released today that Rosneft would be the operating partner for this project.  Foreign partners have yet to be confirmed.

The only interesting note to take from this would be a more than doubling of the estimated recoverable gas reserves from ~705 to 1,789 mln m^3 of gas (amongst Magadan-1, 2 and 3), and an increase in the estimated recoverable oil amount from 214 to 850 mln tonnes of oil.  The following is from Rosneft press release;

Rosneft Obtains Five New Blocks in Okhotsk Sea

By order of the government of the Russian Federation Oil Company Rosneft has been granted five blocks on the Sea of Okhotsk shelf for geological surveying, exploration and development. The five blocks are Magadan-1, 2 and 3, Lisyansky and Kashevarovsky.

According to Rosneft estimates, total recoverable resources at these deposits stand at over 1.1 billion tonnes of liquid hydrocarbons and 2 trillion cubic metres of gas, including 850 million tonnes of oil and 1.789 trillion cubic metres of gas at the Magadan-1, 2 and 3 blocks.

Rosneft has extensive experience in exploring and developing hydrocarbon deposits onshore on the island of Sakhalin and offshore on the Sea of Okhotsk shelf. This experience spans both the company’s own deposits as well as its involvement in joint projects such as Sakhalin-1, 3 and 5 with international partners.

Information Division,
December 19, 2011

Rosneft’s news room link here.

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